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Self determination theory (SDT) [38] suggests that people in the workplace are generally motivated by either intrinsic or extrinsic rewards or rather lie on a continuum between the two. Extrinsic rewards are tangible or visible rewards and can include financial compensation (salary, wages, bonuses etc.) and promotion.
Many of the quantities of interest, such as income and consumption, are monetary. Keynes often expresses such quantities in wage units (Chapter 4): to be precise, a value in wage units is equal to its price in money terms divided by W, the wage (in money units) per man-hour of labour. Therefore it is a unit expressed in hours of labour.
The first fundamental of reward begins with basic pay or salary. This is an agreed upon amount of money, awarded to an employee in exchange for an agreed upon service, outlined within the relevant employment contract or Earnings Based Agreement (EBA). Basic pay is fixed, consistent and guaranteed. Another form of reward is variable pay.
The differences show up in the form of: Employment status – a worker could be employed full-time, part-time, or on a casual basis. They could be employed for example temporarily for a specific project only, or on a permanent basis. Part-time wage labour could combine with part-time self-employment.
A 'compensating differential', in contrast, refers exclusively to differences in pay due to differences in the jobs themselves, for a given worker (or for two identical workers). In the theory of price indices, economists also use the term compensating variation, which is yet another unrelated concept. A 'compensating variation' is the change ...
The difference between ICHRAs and QSEHRAs is who they cover. While they offer similar coverage, QSEHRAs can only be offered by small businesses with fewer than 50 full-time employees. Companies of ...
The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security.
The majority of insured US adults had at least one health insurance problem – including denial of claims – in the span of a year, according to a survey released in June 2023 by KFF, a ...