NC State Economist Mike Walden: Comprehensive Pay

Next to having a job, the work feature most people worry about is what they’re paid. But when someone looks at their paycheck, is it enough to only look at what the person takes home? N.C. State economist Mike Walden responds.

“And in fact, that is what most people look at when they ask someone, ‘Well when am I going to get paid for a particular job?’ They might say, ‘Well, $35,000 a year.’ Now, you know that when you get your take-home pay. you’re going to have some tax taken out.

“But most people are going to gauge that job and how much they’re paid by what that average salary is for the year. But that’s usually — not for all jobs — but usually for many jobs, that’s not the total picture, because sort of behind the scenes, if you will, oftentimes employers will pay people benefits.

“Now, you don’t see those benefits directly in your check, but they are costing the employer something. For example, this would be benefits if, for example, your employer puts in money for your pension. Health insurance, obviously, if they give you time off for vacation, that’s a cost also.

“Now for some jobs — not all — but for some jobs, these benefits can total one-third of your salary. So, that’s saying that behind the scenes there’s another third that the company is paying. This is why, when you’re looking at jobs and comparing jobs, it’s always very, very important to consider the benefits.”
 


SFNToday.com is dedicated to serving the agricultural industry in the Carolinas and Virginia with the latest ag news, exclusive regional weather station readings, and key crop market information. The website is a companion of the Southern Farm Network, provider of daily agricultural radio programming to the Carolinas since 1974. SFNToday.com presents radio programs, interviews and news relevant to crop and livestock production and research throughout the mid-Atlantic agricultural community.

Leave a Reply

Your email address will not be published. Required fields are marked *

*