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The employer wishes to reduce overall wage costs by hiring new employees at a wage less than the wage of incumbent workers. [1] [2] A much less common system is the two-tier benefit system, which extends certain benefits to new employees only if they receive a promotion or are hired into the incumbent wage structure. [3] [4] [5]
Wage growth (or real wage growth) is a rise of wage adjusted for inflations, often expressed in percentage. [1] In macroeconomics , wage growth is one of the main indications to measure economic growth for a long-term since it reflects the consumer's purchasing power in the economy as well as the level of living standards . [ 2 ]
Increases in minimum wage tends to result in junior (low-skilled) workers being overpaid relative to their senior (high-skilled) peers (i.e., If the minimum wage in a region increases from $20 to $25, therefore new employees receive $25 per hour, while current employees with 3 years' experience are being paid $26.50 per hour).
Some changes, such as general salary increases for entire bargaining units or special salary adjustments for whole job classes, can be programmed en masse by the controller’s office. Others must ...
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A pay grade is a unit in systems of monetary compensation for employment. It is commonly used in public service, both civil and military , but also for companies of the private sector. Pay grades facilitate the employment process by providing a fixed framework of salary ranges, as opposed to a free negotiation.
This explains persistent evidence of consistent wage differentials across industries (e.g. Slichter 1950; Dickens and Katz 1986; Krueger and Summers 1988): if firms must pay high wages to some groups of workers – perhaps because they are in short supply or for other efficiency-wage reasons such as shirking – then demands for fairness will ...
A pay scale (also known as a salary structure) is a system that determines how much an employee is to be paid as a wage or salary, based on one or more factors such as the employee's level, rank or status within the employer's organization, the length of time that the employee has been employed, and the difficulty of the specific work performed.