Wage subsidies

A wage subsidy is a “payment to worker or firm based on wages earned or paid” and can be “described as an earnings subsidy, subsidized employment, hiring subsidy, or tax credit.” Wage subsidies may “Increase employment and/or reduce unemployment of low-wage labor, especially among vulnerable groups; promote skill development by increasing the work experience of low-wage workers; increase the return to low-skill labor, thereby reducing the dependence on public transfers; provide a stimulus to...

Welfare

While “individual welfare refers to the micro level and how utility can be maximised by choices made by the individual”, (…) “social welfare refers to the sum of all individual welfare in a society”. Greve, B., “What is welfare?”, Central European Journal of Public Policy, 2, no. 1 (2008): 50-72 (accessed 16 June 2015).

Work injury insurance

“Work injury schemes provide for compensation for work-related injuries and occupational diseases. The efficiency of a work injury scheme depends on a range of factors, the main indicator being the reduction of work-related accidents and occupational diseases. The concept of preventing occupational risks is therefore embedded in many of these schemes. They are supported by a legal framework, which defines the competencies, roles, responsibilities and spheres of action. Linking prevention to...