+ 44 20 8144 3706Introduction:
Presently, income disparity is observed across the globe and there are a number of reasons behind this. It is observed in many research studies that socioeconomic status plays crucial role in determining pay that individual received directly or indirectly. It is usually seen in India that different religions and communities have different profile with respect to the income level. In the India Jain population is very small but in monetary terms they are very strong then other religions like Muslims. Jain community is highly rich and educated community. It is the highest level of education that is playing a crucial role in making them a success. Jain community people often make their career in accounting field. Muslims, mainly work in the low category of jobs. Thus, it can be said that each social group has a different profile with respect to income, education and occupation, etc.
This is the reason due to which pay scale is observed across social groups quite different from each other across social groups. In other words, it can be said that there is a close association between social groups and income level. Considering these facts, basic research question is prepared is whether social class has any sort of impact on pay or slight change is seen in pay across social classes. Government of the nation often prefers to gather such kind of data because by using same data they come to know that which social groups are in poor condition. For those social groups Government of nation develop specific policy.
Prior knowledge:
In many companies due importance is given to the cultural diversity because researches indicate that those companies that have diversified workforce grow at a fast pace. Research paper that is taken into account also certifies the fact that social groups and salary they received are very closely related to each other (Lloyd-Sherlock and et.al., 2017). Like other research studies in this also same result obtained and it was identified that cultural diversity and wages are very positively correlated to each other (Kim and Kwon., 2015).
Education and wages are also very closely correlated with each other and more individual is educated it earn more. It can be seen that in the IT industry those regularly develop their skills set grow at a fast pace in the career and earn higher amounts of salary. Research paper based in Saudi Arabia is evaluated and it is identified that major finding of the research paper was that education and income are related to each other (Jerrim and Macmillan, 2015). In Saudi Arabia whether individual is male or female and work in any sector based on education qualification received a specific amount of salary. This thing is also observed in other research studies because higher education means individuals have a number of unique skills (Schroeder, Spieß and Storck, 2015). More skills mean more pay.
Close association is observed between occupation and wage that individual earns. If an individual is doing any sort of highly technical work, then in that case it earn higher amounts of salary than those who do basic level of work (Niessen and et.al., 2018). Companies believed that in order to do the particular job specific level of skill and intellectual capability is required. Hence, those jobs where more intellectual capability is required more salary is paid by the company. Same results are obtained on the previously conducted research studies and they also indicate that professionals like Doctors, Scientists and Engineers earn more because their work requires the use of high level of knowledge and skills (Qureshi, Hashmi and Faisal,. 2015).
Overall, it can be deduced that there is no single factor that play vital role in determining individual income level. Education level, work individual do and skills it have determined the level of pay that one will receive on the job. If any society has a strong economic background, then in that case education level of that society also remain high which means building more financially strong society. People must focus on education so that earning can be improved with passage of time.
Conclusions:
Education level and social groups as well as occupation heavily affect income level. Previous research studies also reveal same things. The weak point of the study is that due to spike in the data set assumption of homoscedasticity is violated. People must try to develop their skills so that more income can be earned on the job.
References:
Books and Journals:
Cressie, N. 2015. Statistics for spatial data. John Wiley & Sons.
Gravetter, F. J. and et.al., 2020. Essentials of statistics for the behavioral sciences. Cengage Learning.
Jerrim, J.. and Macmillan, L. 2015. Income inequality, intergenerational mobility, and the Great Gatsby Curve: Is education the key?. Social Forces. 94(2). 505-533.
Kim, S.. and Kwon, S. 2015. Impact of the policy of expanding benefit coverage for cancer patients on catastrophic health expenditure across different income groups in South Korea. Social Science & Medicine. 138. 241-247.
Lloyd-Sherlock, P. and et.al., 2017. Diseases of the rich? The social patterning of hypertension in six low-and middle-income countries. The European Journal of Development Research. 29(4). 827-842.
Niessen, L. W. and et.al., 2018. Tackling socioeconomic inequalities and non-communicable diseases in low-income and middle-income countries under the Sustainable Development agenda. The Lancet. 391(10134). 2036-2046.
Qureshi, F. Q., Hashmi, J.. and Faisal, Z. 2015. The Impact of Gender, Income and Occupation on Fashion Consciousness. World Journal of Social Science. 5(2).
Schroeder, C., Spieß, C. K.. and Storck, J. 2015. Private spending on children’s education: Low-income families pay relatively more. DIW Economic Bulletin. 5(8). 113-123.
Online
The connection between education, income inequality and unemployment., 2017. [Online]. Available through:< https://www.huffpost.com/entry/the-connection-between-ed_b_1066401>.
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