INTRODUCTION
Income is the inflow of cash on a fixed basis that one receives through labour or a service they provide. In the UK income levels have increased in some cases but have also decreased in others. Over the past 40 years they have been changing constantly across the UK due to many factors which will be covered in this assignment.
IMPACT OF RECESSION
A recession is essentially a drop in the economy in which production in industrial work slows down along with overseas trading. A recession can have disastrous consequences on a country with one problem leading to another. Due to production slowing down, prices go up which leads to a reduction in spending by consumers; this therefore leaves firms no choice but to sell their products at …show more content…
Wage levels vary depending on the age group in which the employee falls into. The younger the employee is, the lower the wage they receive will be. Younger employees receive lower wages for many reasons such as the fact that they are likely to be inexperienced and so will not work as efficiently as older employees. Also, they are expected to have less, if any, financial responsibilities compared to a more mature employee so a higher wage for younger workers in unnecessary. In the UK, as the table below shows, minimum wage for 21 and above has increased by £0.19p, which therefore means workers will receive more income each hour that they work compared to previous years however this will mean they will have to pay a higher tax as they receive a higher …show more content…
According to <REF:5> Labour believe if wages continue to change at this current pace, it will take a further 60 years until men and women are earning the same wage. Currently women are earning £0.80p for every £1 men earn showing a present value of a £0.20p gap between the two genders pay.
According to the source below the overall pay gap between men and women increased from 2012 to 2013 from £2.45 to £2.53. This reveals that women are receiving lower income based on gender and could potentially do so for another 60 years according to Labour. It has also been discovered that the UK have dropped out of the top 20 most gender-equal countries in the world after it was found that the average women’s pay had dropped by
Income is the inflow of cash on a fixed basis that one receives through labour or a service they provide. In the UK income levels have increased in some cases but have also decreased in others. Over the past 40 years they have been changing constantly across the UK due to many factors which will be covered in this assignment.
IMPACT OF RECESSION
A recession is essentially a drop in the economy in which production in industrial work slows down along with overseas trading. A recession can have disastrous consequences on a country with one problem leading to another. Due to production slowing down, prices go up which leads to a reduction in spending by consumers; this therefore leaves firms no choice but to sell their products at …show more content…
Wage levels vary depending on the age group in which the employee falls into. The younger the employee is, the lower the wage they receive will be. Younger employees receive lower wages for many reasons such as the fact that they are likely to be inexperienced and so will not work as efficiently as older employees. Also, they are expected to have less, if any, financial responsibilities compared to a more mature employee so a higher wage for younger workers in unnecessary. In the UK, as the table below shows, minimum wage for 21 and above has increased by £0.19p, which therefore means workers will receive more income each hour that they work compared to previous years however this will mean they will have to pay a higher tax as they receive a higher …show more content…
According to <REF:5> Labour believe if wages continue to change at this current pace, it will take a further 60 years until men and women are earning the same wage. Currently women are earning £0.80p for every £1 men earn showing a present value of a £0.20p gap between the two genders pay.
According to the source below the overall pay gap between men and women increased from 2012 to 2013 from £2.45 to £2.53. This reveals that women are receiving lower income based on gender and could potentially do so for another 60 years according to Labour. It has also been discovered that the UK have dropped out of the top 20 most gender-equal countries in the world after it was found that the average women’s pay had dropped by