2018283
| Question | Answer |
| Full-time work | A worker who works the maximum number of hours required in the normal working week for a particular job |
| Part-time work | This refers to a worker who only works a fraction of the working week of a full-time employee |
| Temporary employment | Work that will only last for a specific period of time (usually a number of weeks or months e.g. maternity cover) |
| Seasonal employment | Work that is only required during a particular period of a year (e.g. dressing up as santa) |
| Specialisation | Where each worker concentrates on only one small aspect of the entire production process |
| Flexible working | Workers who are more adaptable in time, location or manner of work completed (e.g. home working) |
| Salary | Pay stated as a yearly total, no overtime is paid |
| Wage | Pay calculated on an hourly rate, multiplied by the hours worked, overtime is payable after hours of work have been met |
| Commission | Payment made to workers for achieving a certain target (e.g. sales levels) |
| Overtime payment | Higher rate of pay for work in excess of normal working hours |
| Shift work | Work patterns that do not follow standard working hours |
| Bankers' Automated Clearing Service (BACS) | Automatic transfer between bank accounts (e.g. employer's to employee's) |
| Fringe benefits | When workers are paid in ways other than money (e.g. a company car, private health care) |
| Gross pay | The total amount of pay that a job will pay without deductions |
| Net pay | The pay after all deductions have been made (e.g. tax, national insurance, pension contributions) |
| Income tax | A tax calculated as a percentage of a worker's income |
| Tax code | Worker's have different tax codes which relate to the different amount of tax-free allowance each worker has |
| National Insurance Contribution (NIC) | A tax paid by workers which entitles the payee to qualify for benefits when and if necessary |
| Pension contribution | A deduction from a worker's pay that is meant to contribute to a future retirement pension |
| P45 | A document provided by an employer when a worker leaves the organisation |
| P60 | A document provided by an employer on a yearly basis showing total pay and deductions for the year |
| Derived demand | Businesses don't demand workers for their own sake but because businesses need workers to produce goods and services for the firm to sell. This is known as derived demand. The demand for labour is a derived demand |
| Minimum wage | Lowest legal hourly rate that can be paid |
| Surplus of labour | Larger supply of labour than demand for labour |
| Shortage of labour | Larger demand for labour than supply for labour |
| Costs of unemployment to the individual | Loss of skills, health risks (mental), higher family break down risk, receives no income, pays no tax, receives benefits |
| Motivation | Doing something because you want to do it e.g. voluntary work |
| Economically inactive | People who are not working |
| Expenses | Payment given to workers to compensate for any expenditure necessary to complete work e.g. travel expenses for a conference |
| Unemployment | Those who are not currently working but who are available for work |
| Tax allowances | Allow a worker to earn up to a certain level before they start paying income tax |
| Jobseekers allowance | Benefits paid to the unemployed, based on evidence that the worker is seeking work |
| New deal | Training for young employed workers (under age 25) |
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