Total Reward in the UK in the Public and Private Sectors
Alexander Danzer () and
No 5656, IZA Discussion Papers from Institute of Labor Economics (IZA)
Recent controversy has surrounded the relative value of public and private sector remuneration. We define a comprehensive measure of Total Reward (TR) which includes not just pay, but pensions and other 'benefits in kind', evaluate it as the present value of the sum of all these payments over the lifetime and compare it in the UK public and private sectors. Our results suggest that TR is equalized over the lifecycle for men while women have a clear TR advantage in the public sector by the end of their career. We suggest that the current controversy over public-private sector pension differentials and the perennial issues of public/private sector pay gaps requires a life time perspective and that the concept of TR is appropriate.
Keywords: wage differentials; total reward; compensation; public sector; pensions (search for similar items in EconPapers)
JEL-codes: J33 J45 H55 J31 (search for similar items in EconPapers)
Pages: 45 pages
New Economics Papers: this item is included in nep-eur and nep-lab
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Published in: Labour Economics, 2012, 19 (4), 584-594
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Persistent link: https://EconPapers.repec.org/RePEc:iza:izadps:dp5656
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