Employment refers to form of an economic activity where one person is appointed by another person to perform a particular task or job. The person who appoints another person is called an employer, whereas the person who is appointed to do the job is called as an employee. The terms, conditions and amount to be paid to the employee for performing the task are decided well in advance
|Employment and Its Features|
Following are the features of employment -
1. Motive - Motive behind employment is to earn some income
2. Returns - The amount that the employee gets is referred to as wages or salary. The amount of remuneration (wages/salaries) is fixed which is paid at regular intervals (monthly/fortnightly/weekly/daily). Apart from this, the employee may also get other benefits like Bonus, Medical Insurance etc)
3. Qualification required - Qualification required differs from job to job and employer to employer. Some jobs require you to have a specialized qualification like Chartered Accountant or MBBS etc. Some jobs may not require any formal qualification (usually jobs which do not require any skilled employee)
4. Capital - Employment does not require any capital.
5. Nature of Work - Nature of work differs from job to job. Nature of work to be done is decided by the employer.
6. Non-Transferability - This form of an economic activity has no transferability. For example, a person on his retirement cannot transfer his job to his son.
7. Code of Conduct - The rules and regulations to be followed by an employee are decided by the employer and is informed to employee well in advance before he starts his work