Labor Market Vocabulary

noun A fixed amount of money that an employee receives as a regular salary before additional payments such as bonuses or overtime are included.

• The company offers a competitive base pay to attract top talent.
• The job comes with a decent base pay, so it's a good opportunity.
• I'm looking for a job with a solid base pay to cover my expenses.
• In negotiations, always aim to start from a high base pay to have room for adjustments.

noun a person or group of people who are employed but still live in poverty

adjective describing the state of being both employed and living in poverty

• The working poor are individuals who have jobs but still struggle to make ends meet due to low wages.
• It's tough out there for the working poor, trying to juggle work and bills with little to spare.
• Those working stiffs just can't catch a break, always scraping by paycheck to paycheck.
• The working poor are like hamsters on a wheel, constantly running but never getting ahead.

noun a social class formed by people suffering from precarity, which is a condition of existence without predictability or security

article a word that is used to specify a noun as definite or indefinite; in this case, 'the' is specifying 'precariat' as a specific social class

• The precariat refers to a social class characterized by instability and insecurity in terms of employment and income.
• Many young people today belong to the precariat, constantly moving from one temporary job to another.
• The gig economy has created a new breed of workers who are part of the precariat.
• In the modern economy, the precariat are like nomads, never settling in one place for too long.

noun a policy or strategy that aims to reduce economic inequality by addressing the distribution of wealth and resources before they are earned or received

• Predistribution is a policy approach that aims to reduce inequality by addressing the root causes of income disparities.
• Have you heard of predistribution? It's a way to tackle inequality by redistributing resources before income is generated.
• Predistribution is like getting a head start in leveling the playing field before the game even begins.
• In the economic landscape, predistribution is like planting seeds of equality that will eventually grow into a more balanced society.

noun a market situation in which there is only one buyer

• The presence of a monopsony in the labor market allows the employer to have significant influence over wages.
• When there's only one big company hiring in town, it's like a monopsony for job seekers.
• Having just one buyer for a specific product creates a monopsony situation where they can dictate prices.
• In a small village with only one grocery store, the owner essentially has a monopsony over the local food market.

noun the state of being without work or employment

• The government is implementing policies to address worklessness in the country.
• Many people are struggling with worklessness and finding it hard to secure a job.
• Worklessness is a real bummer, dude.
• Worklessness can feel like being adrift in a sea of uncertainty.