ECON 3.3

• Wage factors are financial payments that workers recieve for their labour
• wage factors: fringe benefits, wages, salary, comission, bonus, piece rate pay, performance related pay, share options
• fringe benefits are benefits provided in addition to salary like childcare, company car
• wages are an agree amount of money per hour
• salary are when employment contracts state the agreed annual salary employee will recieve
• comission is typically % of value of transactions a worker has made
• bonus is the money paid in addition to salary
• piece rate pay is fixded amount paid to employee for each completed item
• performance related pay is payment based on how well worker performs
• share options are payments through the issuing of shares in the company the employee works for
• non-wage factors: length of training, job security, job satisfaction, promotion prospect, level of challenge, status in society, holiday entitlements
• Division of labour is when a task is broken up into several component tasks allowing workers to specialise by focusing on one or few compenents of production which increases output
• Minimum wage is legally imposed wage level that employers must pay their worers and is set above market rate