What you will get: compensation for your work

Read and summarize the main idea of the text in 8-10 sentences

Compensation for your work means two things: the salary (money) and the employee benefits that you receive from an employer. Sometimes the value of employee benefits is so great that a job with a smaller salary but very good employee benefits is a better choice than a job with a higher salary and fewer benefits. Therefore, it is important for you to learn about both the salary and the employee benefits when you are considering a job.

Salary. Salary is the amount of money you get for your work or your service. Salary is also called wages, pay, or what you make. The salary that employees receive varies greatly for different jobs. Even employees performing the very same job may receive much different payment from different employers. There are also differences in the rate of pay for the same job in different geographic areas of the United States.

Learning about fair pay. One way to learn about the fair rate of pay for a job is to talk with people who work at that job. If you do not have friends who work at the job you are seeking, we will tell you how to build a «network» of people who will help give you the information you need about jobs, including the fair rate of pay.

In addition to your network, there are government agencies that will help you at no cost. One of the most useful government agencies is called Job Service. Job Service counselors will help you learn everything you need to know about jobs. The counseling and information this agency provides is free. The locations of Job Service offices are given in the «State Government» section (under the name of your state) of the telephone book (White Pages).

Your Actual Salary. The salary that your employer pays you may be based on an hourly rate, a weekly rate, or a monthly rate. Your salary will include regular pay and perhaps some overtime pay. You may also receive a regular or occasional bonus.

Regular Pay. Most employees are required to work a specific amount of time each day. This amount of time is the regular workday for these employees. For example, many employees are required to work eight hours each day. For these employees, each regular workday is eight hours long. The employee receives regular pay for working these regular work hours.

Overtime Pay. When employees are required to work more than a regular workday, they usually receive extra pay. This extra pay is called «overtime» pay. Overtime pay is often at the rate of one and a half times the regular rate of pay. For example, if an employee is paid $8.00 an hour for regular work, he or she would be paid $12.00 an hour for overtime work.

Not all employees receive overtime pay. Some employers give their employees compensatory time. Compensatory time is the time that an employee takes off from regular working hours instead of payment for working overtime hours. In addition, some employees who receive a weekly or monthly salary (instead of hourly) are expected to work as long as necessary to complete their duties. These employees do not normally receive overtime pay or compensatory time.

Bonuses. A bonus is like a special gift from your employer. An employee may receive a bonus at Christmas or for doing exceptionally good work.

Payday. You will receive the payment of your salary once a week, every two weeks, or once a month. This payment may be in cash (currency), but most workers are paid by bank check. However, the actual amount of payment that you receive will always be less than the amount the employer has agreed to pay you. Your employer is required to subtract some money from your salary. These subtractions are called deductions (Federal Income Tax, State taxes and local taxes, Social Security and other deductions). You may also wish to have your employer make other deductions for you. The amount of salary your employer has agreed to pay you is called your gross salary. The amount of money you receive after deductions have been made is called net salary.

UNIT VI

THE POWER OF ECONOMICS AND ECONOMISTS

More than half a century ago John Maynard Keynes, one of the most influential economists of the twentieth century, said:

“The idea of economists and political philosophers, both when are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by nothing else. Practical men, who believe themselves to be quite free from any intellectual influences, are the slaves of some defunct economist”.

Most of the ideologies of the modern world have been shaped by prominent economists of the past – Adam Smith, David Ricardo, John Stuart Mill, Karl Marx, John Maynard Keynes, and many others.

And current world leader routinely solicit the advice and policy suggestions of today’s economists. For example, the President of the United States benefits from the recommendations of his Council of Economic Advisers. The broad range of economic issues facing US political leaders is suggested by the contests of the annual Economic Report of the President. Areas covered typically include unemployment, inflation, economic growth, taxation, poverty, international trade, health care, pollution, discrimination, immigration, and education, among others.

In spite of many practical benefits, economics is mainly an academic, not a vocational, subject. Unlike accounting, advertising, and marketing, economics is not primarily a how-to-make-money area of study. Knowledge of economics will help you run a business or manage your personal finance. But that is not its primary objective. Instead, economics ultimately examines problems and decisions from the social, rather than the personal, point of view. The production, exchange, and consumption of goods and services are discussed from the viewpoint of society’s best interest, not strictly from the standpoint of one’s own pocketbook.

Vocabulary

Vocabulary exercises

1.Which of the following statements are true/false according to the text? Correct the false sentences:

2. Fill in the gaps with the words and expressions from the text:

1. The world is _____ by nothing else.

2. Most of the ideologies of the _____ world have been shaped by prominent economists of the past.

3. Areas covered typically _____ unemployment, inflation, economic growth, taxation, poverty, international trade, health care, pollution, discrimination, immigration, and education, among others.

4. Current world leader routinely solicit the _____ and policy _____ of today’s economists.

5. The President of the United States benefits from the _____ of his Council of Economic _____.

6. The _____ Economic Report of the President _____ such areas as typically unemployment, inflation, economic growth, taxation, poverty, international trade, health care, pollution, discrimination, immigration, and education, among others. 7. Knowledge of economics will help you _____ a business or _____ your personal finance.

8. But that is not its primary _____.

9. Economics ultimately _____ problems and decisions from the social, rather than the personal, point of _____.

10. The production, exchange, and _____ of goods and services are discussed from the viewpoint of society’s best interest.

3.Find in the text English equivalents for the following:

4.Translate into Russian:

5.Fill in the gaps with the proper words and phrases:

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