Is The Act Of Working In Exchange For An Income

Employment is the act of working in exchange for an income. Every people and household need money for their survival and daily expenses. People work for someone or any organization to get money in exchange for work. This is called employment. Let’s understand it in detail.

Is The Act Of Working In Exchange For An Income

Employment is the act of working in exchange for an income. You are called an employee and the person or organization who hires you is called the employer.

Types of employment

There are various ways to hire a person into the company. The different ways make a high impact on the salary structure and income of the employee. Here are the types of employment in which people working in exchange for an income.

Full-time employment and Part-time employment

Full time and part-time employee has a specific time limit in which they can work. Full-time employees can work 40 hours or more in a week on average. While part-time employees work less than 40 hours a week. Full-time employees get different leaves like sick leave, personal, annual leave, and parental leave. Part-time employees get income as per hours of the week. Other benefits they get like full-time employees.

Employment on Contract or on fixed-term

Many companies hire do employment for the fixed term. They hire employees for some project or to finish any urgent work for a specific time like 3 months, 6 months or 1 year. They make a contract and write all the conditions of employment in it.

Shutdown projects, construction projects of buildings, metro and oil refineries are the example of contract employment.

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Apprenticeship and Training

Apprenticeship and training are the best options for a newbie who has less knowledge in the field or new college passouts. It helps both employer and employee. It is the first path to grow a career after education. The apprenticeship period can be 6 months or 1 year depends on the businesses. The salary structure is different for the apprentice in most companies. This period can be converted into full-time employment after the performance of the employee.