In current time period, it can be commonly observed, people saying that they are earning less and it’s become hard to meet all needs on time. Socioeconomic status or social class plays crucial role in determining pay. It can be seen in the India that Muslims are in minority and economically they are not strong, the majority of them are not highly educated and due to this reason income level of Muslims is low in the India. Due to low education Muslims are earning less relative to other social groups. In the same way it can be observed that those who are in the Jain community in the India earn high and basically make career in accounting domain. Every social group has a different profile from others in terms of education, occupation and income. Thus, pay scale across social groups remains quite different and this reflects that there is relationship between socioeconomic structure and pay that is observed in the society. So, basically the main question to study is that if social economic status or social class affects pay too large extent or slight change is seen in pay across social class. This topic is important for the Government departments or Government, which sometimes prepare policies for uplifting particular community. The results of such kind of research studies to assist them to make more accurate and prudent decisions.
Research paper reflected that cultural diversity or social groups have an impact on the labor market outcomes like wages (The regional impact of cultural diversity on wages: Evidence from Australia., 2016). In this research, longitudinal data of varied regions is used to conduct research studies. The findings of this research study reflect that present level of cultural diversity has positive impact on the regional wages. This happened because each social group has different education level and behavior and due to this reason they got different amount of wages at the workplace (Garner and Mahatmya, 2015).
Another research paper that is evaluated is based on education and wage relationship in context of Saudi Arabia. This research paper states that investment in human capital is the major reason behind Saudi Arabia growth (The effect of education and experience on wages: The case study of Saudi Arabia., 2018). In Saudi Arabia difference in individual income can be seen easily and this happened due to difference in educational qualifications. Results obtained in this research study indicate that whether an individual is male or female working in public or private sector its income depend on education level it possess. The same thing is indicated by other research studies that are taken into account in this research paper. These research studies also reflect that considering education level of individual salaries is paid to the employees at the workplace (Wetherall and et.al., 2015).
On the basis of analysis, it is identified that improvement in education level and occupation income level get improved. Mixed and East Asians earn more than other ethnic groups. Results obtained from the current research study and previously analyzed are giving the same results. The strength of the research study is that regression analysis tool is used to analyze results. The limitation is that there are a number of outlets and are not removed due to which there heteroskedasticity in the data is set. Individuals must focus on their skill development so that occupation can be changed and more income can be earned on job.
Books and journals
Chatterjee, S. and Hadi, A. S., 2015. Regression analysis by example. John Wiley & Sons.
Fox, J., 2015. Applied regression analysis and generalized linear models. Sage Publications.
Garner, P. W. and Mahatmya, D., 2015. Affective social competence and teacher–child relationship quality: race/ethnicity and family income level as moderators. Social Development. 24(3). 678-697.
Killewald, A. and García-Manglano, J., 2016. Tethered lives: A couple-based perspective on the consequences of parenthood for time use, occupation, and wages. Social Science Research. 60. 266-282.
Preoţiuc-Pietro, D.and et.la., 2015. Studying user income through language, behaviour and affect in social media. PloS one. 10(9).
Schroeder, L. D., Sjoquist, D. L. and Stephan, P. E., 2016. Understanding regression analysis: An introductory guide (Vol. 57). Sage Publications.
Wetherall, K. and et.al., 2015. Explaining the income and suicidality relationship: Income rank is more strongly associated with suicidal thoughts and attempts than income. Social psychiatry and psychiatric epidemiology. 50(6). 929-937.
Wurm, M. and Taubenböck, H., 2018. Detecting social groups from space–Assessment of remote sensing-based mapped morphological slums using income data. Remote Sensing Letters. 9(1), 41-50.
The effect of education and experience on wages: The case study of Saudi Arabia., 2018. [Online]. Available through:< https://www.researchgate.net/publication/322598565_The_Effect_of_Education_and_Experience_on_Wages_The_Case_Study_of_Saudi_Arabia>.
The regional impact of cultural diversity on wages: Evidence from Australia., 2016. [Online]. Available through:< https://link.springer.com/article/10.1186/s40176-016-0060-4>.