Minimum wage

The minimum wage is the minimum remuneration legally established in a country or territory for each work period (hour, day or month), which employers must pay their workers for their work. It was first established in Australia and New Zealand in the 16th century.

Maximum salary

The maximum salary or maximum remuneration, in relation to the salary and the minimum wage, is the maximum legal remuneration that an employed worker and, where applicable, a political representative, a member of a government, an investor, a business manager or executive, a financier and even a businessman, can receive. Some legislation establishes a salary limit or ceiling for contributing to public social security systems (unemployment, pensions). As a consequence of the 2008 crisis, demands have arisen for a salary limit, maximum salary, or maximum remuneration made by economists, unions, left-wing political parties and even from economic projects such as the Economy for the Common Good. The amount of the minimum salary is used to establish the maximum salary.[17]​[18]​[19]​.

El salario es el precio pagado por el trabajo "Trabajo (economía)"). Los salarios son todos aquellos pagos que compensan a los individuos por el tiempo y el esfuerzo dedicado a la producción de bienes y servicios. Estos pagos incluyen no solo los ingresos por hora, día o semana trabajada de los empleados manuales, sino también los ingresos, semanales, mensuales o anuales de los profesionales y los gestores de las empresas. A los ingresos regulares pactados en los convenios colectivos hay que sumarles las primas y las pagas extraordinarias, las primas por riesgo, nocturnidad, índice de peligrosidad u horas extraordinarias, así como los honorarios de los profesionales liberales y la parte de los ingresos percibidos por los propietarios de negocios como compensación por el tiempo dedicado a su negocio.

Labor theory of value

The labor theory of value (TVL, also labor theory of value) is a theory that considers that the value of a good or service depends on the amount of work "Work (economy)") that it incorporates.

Adam Smith considered work to be the exact measure of quality to quantify value. For him, value was the amount of labor one could receive in exchange for his merchandise. Goods could increase in value, but what always remains unchanged is work. This original theory had some problems: 1) in the market it is not possible to know how much embodied work a commodity has 2) if labor is the source of value of merchandise, when the value improves the worker should be the one who benefits - something that did not happen. In order to explain the concepts of profit and income, he developed a second theory called Theory of production costs. David Ricardo developed a theory of labor-value incorporated in his work Principles of political economy and taxation (1817). Continuing with Smith, he adopts the first of his two theories of value and tries to explain how profit works in capitalist society. In addition, he criticizes the definition that Smith gave about the invariable pattern that was work. The value of work, he explains, also varies. As stated by Adam Smith, goods vary in value but work does not, work being a waste of energy, the increase or reduction in costs of subsistence goods would require more work to satisfy needs.

Karl Marx's labor theory of value is different from the classical one. Its definition is found in his work Capital, and would be part of the fundamental basis for understanding the capitalist mode of production. For Marx, the labor theory of value is historical and social - not historically permanent. It would only apply to market economies - the capitalist economy is a type of market economy, so it also applies to it. For Marx, labor is not 'value' by nature, it is what produces value exclusively by the social organization in which it is employed. An intrinsic characteristic of work is to produce, create, transform, but the fact that the value of commodities is measured by the length of the working day spent on them is due to the social structure and social relations of production of capitalism.

Historical evolution of productivity and per capita income

Productivity is defined as the relationship between the quantity of products obtained by a production system and the resources used to obtain said production.[21]​.

The increase in productivity is associated with economic growth, although diminishing returns significantly affect the use of labor, both in its number -employed population- and in its dedication -working day-.[22]​ In this context, the salary not only has a direct relationship with the value of work but with consumption and therefore with aggregate demand.

Historically, the increase in productivity is what has allowed the reduction of the working day due to a lower requirement for labor and the need to increase consumption and demand by increasing salaries to dispose of surpluses. In countries that export raw materials, usually with low productivity, productivity is renounced in exchange for more population; In industrialized countries, high productivity is achieved with little labor, which institutionally and individually promotes greater control of population growth.[23]​.

The increase in productivity is a consequence of the development of technology, the increase in so-called physical capital and the improvement of human capital: mechanization, industrialization, implementation of information and communication technologies; improvement in human resources management; of the increase in professional qualification and training of workers as well as the implementation of the quality management system and the intensification of capital that reduce the need for intensive labor.[24]​[25][26]​ Joseph Stiglitz considers that an increase in hours worked as a result of demographic growth that does not result in an increase in productivity will impact the standard of living because the higher income will not have a real consumption value due to the lower quantity of goods or services produced, according to the formula (i of Production growth = i of increase in hours worked + i of increase in productivity). In this sense, in a context of higher productivity, to maintain growth levels of total production at equilibrium values, it is necessary to reduce the working day, since it is economically unnecessary to exceed said levels of stable growth, in accordance with a trend towards sustainable development, and in a context of demographic stagnation.[27]​.

Se denomina salario base") a la parte fija de la remuneración de los trabajadores, sobre dicha base se suelen calcular las remuneraciones adicionales u otros complementos salariales antigüedad -trienios-, peligrosidad, productividad, comisiones, etc.[8]​.

El salario nominal") es el salario expresado según el valor del dinero en un momento dado, sin hacer referencia alguna al nivel de precios.[8]​.

El salario real es la remuneración teniendo en cuenta la capacidad adquisitiva del salario nominal en relación con salarios anteriores, normalmente referidos a otros años.[8]​.

El salario social es el que se recibe de la administración cuando se está sin trabajo y se tienen un mínimo nivel económico o ingresos muy bajos o nulos. Se trata de una prestación económica periódica que garantiza, a las personas que carecen de recursos económicos suficientes para cubrir sus necesidades básicas, el complemento de sus ingresos hasta unos límites que en cada caso son calculados según el tamaño de la unidad económica de convivencia independiente.

Es conveniente no confundir el salario social con la renta básica universal que recibirían todos los ciudadanos.

Roster

It is the document that is used to record the gross and net value earned by each employee, where the different sections that constitute the salary of each worker are reflected. It constitutes an official document, and the payroll form must include all the tax data of the company and the worker. Each employee should receive not only his or her paycheck, bank or cash receipts, but also a payroll document showing gross earnings, deductions, and net pay.

There are fundamental steps that are common in most organizations. One of those steps, which is executed at the end of each pay period, involves preparing the payroll; it must show the names and salaries of all workers. The information included in this record called payroll consists of the authorized salary for each worker and the number of hours worked, taken from time cards or similar documents. After separating the ordinary (structural) hours from the extraordinary (non-structural) hours, and applying the appropriate rates for each existing labor category, the total salary earned is obtained. Withholding at source, social security contribution, personal income tax, and any other deduction (advance, loan, etc.) authorized by the worker are recorded by reducing the accrued value to obtain the net amount payable.

Contenido

El salario es una contraprestación que recibe el trabajador a cambio de la labor realizada para un empleador, la cuantía se establece en el contrato de trabajo. El salario se recibe principalmente en dinero, si bien puede contar con una parte en especie") evaluable en términos monetarios. Siempre debe existir una remuneración en dinero, la retribución en especie es necesariamente adicional.

Living wage as a human right

Economic, social and cultural rights.

Economic Rights are considered Human Rights:[14]​ the International Covenant on Economic, Social and Cultural Rights (ICESCR) of 1966 establishes in its article 7 that workers will have:.

Salary remuneration and its increase is one of the aspects of working conditions that has been most directly demanded by workers. The International Labor Organization (ILO) has constantly fought to establish standards that guarantee and protect the right of workers to receive a fair wage. According to the ILO Constitution (1919) "the guarantee of an adequate living wage" is one of the objectives whose achievement is most urgent.

Wages represent something very different for workers and employers. For the latter, apart from being a cost element, it is a means that allows them to motivate workers. On the other hand, for workers it represents the standard of living they can have, an incentive to acquire qualifications and, finally, a source of satisfaction with the work performed. Collective bargaining at the company or sector and tripartite social dialogue at the national level are the best ways to determine wage levels and resolve potential disputes.

Pay equality

Pay equality refers to the concept according to which individuals who perform similar jobs (or jobs with the same productivity) should receive the same compensation, regardless of sex, race, sexual orientation, nationality, religion or any other category. To do this, we start from the principle of equality before the law. Article 7 of the International Covenant on Economic, Social and Cultural Rights includes equal pay.

Minimum wage

The minimum wage is the minimum remuneration legally established in a country or territory for each work period (hour, day or month), which employers must pay their workers for their work. It was first established in Australia and New Zealand in the 16th century.

Maximum salary

The maximum salary or maximum remuneration, in relation to the salary and the minimum wage, is the maximum legal remuneration that an employed worker and, where applicable, a political representative, a member of a government, an investor, a business manager or executive, a financier and even a businessman, can receive. Some legislation establishes a salary limit or ceiling for contributing to public social security systems (unemployment, pensions). As a consequence of the 2008 crisis, demands have arisen for a salary limit, maximum salary, or maximum remuneration made by economists, unions, left-wing political parties and even from economic projects such as the Economy for the Common Good. The amount of the minimum salary is used to establish the maximum salary.[17]​[18]​[19]​.

El salario es el precio pagado por el trabajo "Trabajo (economía)"). Los salarios son todos aquellos pagos que compensan a los individuos por el tiempo y el esfuerzo dedicado a la producción de bienes y servicios. Estos pagos incluyen no solo los ingresos por hora, día o semana trabajada de los empleados manuales, sino también los ingresos, semanales, mensuales o anuales de los profesionales y los gestores de las empresas. A los ingresos regulares pactados en los convenios colectivos hay que sumarles las primas y las pagas extraordinarias, las primas por riesgo, nocturnidad, índice de peligrosidad u horas extraordinarias, así como los honorarios de los profesionales liberales y la parte de los ingresos percibidos por los propietarios de negocios como compensación por el tiempo dedicado a su negocio.

Labor theory of value

The labor theory of value (TVL, also labor theory of value) is a theory that considers that the value of a good or service depends on the amount of work "Work (economy)") that it incorporates.

Adam Smith considered work to be the exact measure of quality to quantify value. For him, value was the amount of labor one could receive in exchange for his merchandise. Goods could increase in value, but what always remains unchanged is work. This original theory had some problems: 1) in the market it is not possible to know how much embodied work a commodity has 2) if labor is the source of value of merchandise, when the value improves the worker should be the one who benefits - something that did not happen. In order to explain the concepts of profit and income, he developed a second theory called Theory of production costs. David Ricardo developed a theory of labor-value incorporated in his work Principles of political economy and taxation (1817). Continuing with Smith, he adopts the first of his two theories of value and tries to explain how profit works in capitalist society. In addition, he criticizes the definition that Smith gave about the invariable pattern that was work. The value of work, he explains, also varies. As stated by Adam Smith, goods vary in value but work does not, work being a waste of energy, the increase or reduction in costs of subsistence goods would require more work to satisfy needs.

Karl Marx's labor theory of value is different from the classical one. Its definition is found in his work Capital, and would be part of the fundamental basis for understanding the capitalist mode of production. For Marx, the labor theory of value is historical and social - not historically permanent. It would only apply to market economies - the capitalist economy is a type of market economy, so it also applies to it. For Marx, labor is not 'value' by nature, it is what produces value exclusively by the social organization in which it is employed. An intrinsic characteristic of work is to produce, create, transform, but the fact that the value of commodities is measured by the length of the working day spent on them is due to the social structure and social relations of production of capitalism.

Historical evolution of productivity and per capita income

Productivity is defined as the relationship between the quantity of products obtained by a production system and the resources used to obtain said production.[21]​.

The increase in productivity is associated with economic growth, although diminishing returns significantly affect the use of labor, both in its number -employed population- and in its dedication -working day-.[22]​ In this context, the salary not only has a direct relationship with the value of work but with consumption and therefore with aggregate demand.

Historically, the increase in productivity is what has allowed the reduction of the working day due to a lower requirement for labor and the need to increase consumption and demand by increasing salaries to dispose of surpluses. In countries that export raw materials, usually with low productivity, productivity is renounced in exchange for more population; In industrialized countries, high productivity is achieved with little labor, which institutionally and individually promotes greater control of population growth.[23]​.

The increase in productivity is a consequence of the development of technology, the increase in so-called physical capital and the improvement of human capital: mechanization, industrialization, implementation of information and communication technologies; improvement in human resources management; of the increase in professional qualification and training of workers as well as the implementation of the quality management system and the intensification of capital that reduce the need for intensive labor.[24]​[25][26]​ Joseph Stiglitz considers that an increase in hours worked as a result of demographic growth that does not result in an increase in productivity will impact the standard of living because the higher income will not have a real consumption value due to the lower quantity of goods or services produced, according to the formula (i of Production growth = i of increase in hours worked + i of increase in productivity). In this sense, in a context of higher productivity, to maintain growth levels of total production at equilibrium values, it is necessary to reduce the working day, since it is economically unnecessary to exceed said levels of stable growth, in accordance with a trend towards sustainable development, and in a context of demographic stagnation.[27]​.

Se denomina salario base") a la parte fija de la remuneración de los trabajadores, sobre dicha base se suelen calcular las remuneraciones adicionales u otros complementos salariales antigüedad -trienios-, peligrosidad, productividad, comisiones, etc.[8]​.

El salario nominal") es el salario expresado según el valor del dinero en un momento dado, sin hacer referencia alguna al nivel de precios.[8]​.

El salario real es la remuneración teniendo en cuenta la capacidad adquisitiva del salario nominal en relación con salarios anteriores, normalmente referidos a otros años.[8]​.

El salario social es el que se recibe de la administración cuando se está sin trabajo y se tienen un mínimo nivel económico o ingresos muy bajos o nulos. Se trata de una prestación económica periódica que garantiza, a las personas que carecen de recursos económicos suficientes para cubrir sus necesidades básicas, el complemento de sus ingresos hasta unos límites que en cada caso son calculados según el tamaño de la unidad económica de convivencia independiente.

Es conveniente no confundir el salario social con la renta básica universal que recibirían todos los ciudadanos.

Roster

It is the document that is used to record the gross and net value earned by each employee, where the different sections that constitute the salary of each worker are reflected. It constitutes an official document, and the payroll form must include all the tax data of the company and the worker. Each employee should receive not only his or her paycheck, bank or cash receipts, but also a payroll document showing gross earnings, deductions, and net pay.

There are fundamental steps that are common in most organizations. One of those steps, which is executed at the end of each pay period, involves preparing the payroll; it must show the names and salaries of all workers. The information included in this record called payroll consists of the authorized salary for each worker and the number of hours worked, taken from time cards or similar documents. After separating the ordinary (structural) hours from the extraordinary (non-structural) hours, and applying the appropriate rates for each existing labor category, the total salary earned is obtained. Withholding at source, social security contribution, personal income tax, and any other deduction (advance, loan, etc.) authorized by the worker are recorded by reducing the accrued value to obtain the net amount payable.