Wage
employment can be defined as a mutual agreement between two parties (known as
employer and employee) in which the employee (generally an individual) agrees
to work for the employer (generally a business from government office or
sometimes an individual) under specific terms and conditions and the employer
agrees to pay him some remuneration (maybe in cash or kind) for his work. In
wage employment, there are always two parties and the employee gets wage or
salary from the employer for his work. Wage is normally an assured amount (which
is agreed upon by both parties) give to the employee on a daily or weekly basis
for his work.
employment can be defined as a mutual agreement between two parties (known as
employer and employee) in which the employee (generally an individual) agrees
to work for the employer (generally a business from government office or
sometimes an individual) under specific terms and conditions and the employer
agrees to pay him some remuneration (maybe in cash or kind) for his work. In
wage employment, there are always two parties and the employee gets wage or
salary from the employer for his work. Wage is normally an assured amount (which
is agreed upon by both parties) give to the employee on a daily or weekly basis
for his work.
Characteristics
of Wage Employment
of Wage Employment
The
following are the characteristics of wage employment;
following are the characteristics of wage employment;
1.
To Parties: Incase of wage employment there are always two parties involved. One is
known as the employee and the other employer.
To Parties: Incase of wage employment there are always two parties involved. One is
known as the employee and the other employer.
2.
Contractual Nature: Wage employment is always contractual in nature. It
is basically an agreement between two parties whereby one party work, for the
other under specific terms and conditions and the later party has to pay the
former any mutually agreed upon wage or salary in return of his work. The whole
employment relationship can be terminated by either party. By giving a notice
to the other party just like a contract.
Contractual Nature: Wage employment is always contractual in nature. It
is basically an agreement between two parties whereby one party work, for the
other under specific terms and conditions and the later party has to pay the
former any mutually agreed upon wage or salary in return of his work. The whole
employment relationship can be terminated by either party. By giving a notice
to the other party just like a contract.
3.
Employer-Employee Relationship: The relationship between the two parties in wage
employment is an employer employee relationship. This is unlike a master
servant, father–son or teacher–pupil relationship. Here both the parties are
interdependent and interrelated. One cannot exist without the other. Both
operate under some pre determined and mutually agreed upon rules and
regulations concerning their work relationship.
Employer-Employee Relationship: The relationship between the two parties in wage
employment is an employer employee relationship. This is unlike a master
servant, father–son or teacher–pupil relationship. Here both the parties are
interdependent and interrelated. One cannot exist without the other. Both
operate under some pre determined and mutually agreed upon rules and
regulations concerning their work relationship.
4.
Remuneration: Remuneration is the return or reward that the employee receives from the
employer for his work. This is one of the important characteristics of wage
employment as the remuneration is determined and accepted by both the parties
this remuneration is known as salary or salary.
Remuneration: Remuneration is the return or reward that the employee receives from the
employer for his work. This is one of the important characteristics of wage
employment as the remuneration is determined and accepted by both the parties
this remuneration is known as salary or salary.
5.
Terms and Conditions of Employment: In case of wage employment the nature of work,
working conditions, rules concerning work relationships etc. are decide in
advance both the party abide to these terms and conditions of employment.
Terms and Conditions of Employment: In case of wage employment the nature of work,
working conditions, rules concerning work relationships etc. are decide in
advance both the party abide to these terms and conditions of employment.
Importance of Wage Employment
Wage
employment provides a regular and steady income for the individual to earn his
livelihood and to sustain his family. In this section let us discuss its
importance;
employment provides a regular and steady income for the individual to earn his
livelihood and to sustain his family. In this section let us discuss its
importance;
1.
Wage
employment not only assures a regular and steady income but also ensures
various other benefits like medical facilities, housing facilities, travel
concessions, loans and advances, insurance, old age benefits like – pension,
gratuity, etc.
Wage
employment not only assures a regular and steady income but also ensures
various other benefits like medical facilities, housing facilities, travel
concessions, loans and advances, insurance, old age benefits like – pension,
gratuity, etc.
2.
Wage
employment is a must in almost every sphere to carry out several tasks. Even
self–employment generates wage employment, although not immediately but when it
expands. For example, suppose you start a shop at your locality and run it
alone. When the business grows, it may not be possible to manage everything
alone. Then you may think of employing another to assist you, thereby creating
wage employment.
Wage
employment is a must in almost every sphere to carry out several tasks. Even
self–employment generates wage employment, although not immediately but when it
expands. For example, suppose you start a shop at your locality and run it
alone. When the business grows, it may not be possible to manage everything
alone. Then you may think of employing another to assist you, thereby creating
wage employment.
3.
Wage employment can be made as a career and
individuals can excel in their respective fields. For example, to be a renowned
scientist it is not required to own the entire laboratory. Rather any one can
start the career as an employee of a big laboratory.
Wage employment can be made as a career and
individuals can excel in their respective fields. For example, to be a renowned
scientist it is not required to own the entire laboratory. Rather any one can
start the career as an employee of a big laboratory.
4.
Wage employment
involves much less risk than self employment. There is no used to invest in
land, building etc. for wage employment.
Wage employment
involves much less risk than self employment. There is no used to invest in
land, building etc. for wage employment.
5.
Everyone
is not capable of being self employed by starting a business or profession wage
employment is normally undertaken as a vocation by majority.
Everyone
is not capable of being self employed by starting a business or profession wage
employment is normally undertaken as a vocation by majority.
Self Employment
In self
employment, there is no boss and whatever you earn from your work all is yours.
Self employment is the act of generating one’s in course directly from
customers, client or other organizations as opposed to being an employee of a
business (or person). Self employed people generally find their own work rather
than being provided with work by employer, earning income from a trade or
business that you operate.
employment, there is no boss and whatever you earn from your work all is yours.
Self employment is the act of generating one’s in course directly from
customers, client or other organizations as opposed to being an employee of a
business (or person). Self employed people generally find their own work rather
than being provided with work by employer, earning income from a trade or
business that you operate.
Advantages and Disadvantages of Self Employment
|
Advantages
|
Disadvantages
|
|
|
1.
|
You can
set your own hours |
You have
to work many hours each day to make any money |
|
2.
|
Don’t
need educational degrees or certificates |
Business
income varies but constant (e.g. utilities, supplies marketing) |
|
3.
|
You are
your own boss and can make your own decisions |
You
usually need capital to get started. |
|
4.
|
You do
work you like |
Responsibility
for business success is stressful |
|
5.
|
Independence,
control and freedom from routine |
Less
security |
|
6.
|
Financial
rewards |
Fewer
free benefits ,paying taxes |
Facilities and Opportunities Available Self
Employment
Employment
1.
Beautician/Barber
Beautician/Barber
2.
Tutoring
Tutoring
3.
Home
health care
Home
health care
4.
Taxi
services
Taxi
services
5.
Lock
switch
Lock
switch
6.
Pat care
Pat care
7.
Sewing,
mending, tailoring, alteration garments
Sewing,
mending, tailoring, alteration garments
8.
Laundry
Laundry
9.
Graphic
design for printers
Graphic
design for printers
10.
Plumbing
Plumbing
