Employment and Work Futures Vocabulary

Comprehensive vocabulary flashcards covering the core concepts, industry sectors, participant roles, employment contract types, taxation rules, workplace rights, and employment anti-discrimination legislation from the lecture notes.

Work

The physical or mental effort invested into completing tasks, projects, or activities to achieve a goal, whether for personal growth, financial stability, or societal contribution.

Workforce

A country's labor force comprising all employed individuals with paying jobs plus unemployed individuals who are out of work but actively seeking employment.

Employee

A person who performs specific duties and works for an employer in exchange for financial payment, such as a wage or salary.

Employer

An individual or organisation that hires and pays workers to perform labor or services for them.

Self-Employed

An individual who works for themselves rather than an employer, earning an income that varies based on the work obtained.

Unemployed

Individuals who do not currently have a paying job but are actively looking for one and available to start work.

Work–Life Balance

The state of equilibrium maintained between an individual's professional work commitments and personal leisure activities.

Living Standards

The overall quality of life and wellbeing of individuals and communities, measured by access to goods, services, higher income, education, housing, healthcare, and safety.

Disposable Income

The surplus funds available to be spent or saved after all taxes, bills, and compulsory living expenses have been paid.

Trade Union

An organisation of workers in a specific job or industry that advocates for members' interests, including higher pay, improved health and safety conditions, and job security.

Fair Work Commission (FWC)

Australia's national workplace relations tribunal responsible for setting minimum wages, approving enterprise agreements, and resolving workplace claims like unfair dismissal.

Employer Associations

Peak industry bodies that represent employers in dealings with trade unions, provide legal and industrial relations advice, and lobby governments on behalf of their industry.

Casual Employee

A worker employed on an hourly or as-needed basis without guaranteed hours, permanent weekly rosters, or paid leave entitlements.

Casual Loading

An additional percentage added to a casual worker's hourly pay rate to compensate for the lack of paid leave entitlements such as sick leave and annual leave.

Contract Employee

A worker hired under a formal agreement to complete a specific project or work for a designated time period, whose employment ends upon contract completion.

Paid Work

The performance of tasks or services for $1\,\text{hour}$ or more per week in return for receiving monetary payment or income.

Unpaid Work

Tasks performed without financial compensation, including domestic household chores, family care duties, schoolwork, and voluntary community service.

Wage

A fixed regular payment made by an employer to an employee for labor or services, often calculated on an hourly, weekly, or fortnightly basis.

Salary

A fixed annual remuneration package paid to an employee that typically encompasses base pay, superannuation, leave allowances, and potential bonuses.

Commission

An incentive payment calculated as a percentage or portion of a sale, paid to an employee for achieving or boosting sales revenue.

Profit

The net financial gain earned by a self-employed individual or business, calculated using the formula $\text{Profit} = \text{Revenue} - \text{Expenses}$.

Dividend

A portion of a company's profits distributed regularly to its shareholders based on their equity holding.

Primary Industry

The economic sector focused on harvesting or extracting raw natural resources directly from the earth, sea, or air, such as agriculture, mining, fishing, and forestry.

Secondary Industry

The economic sector that manufactures and processes raw materials into finished or semi-finished capital and consumer goods.

Tertiary Industry

The economic sector focused on providing commercial and professional services to individuals and businesses rather than manufacturing goods.

Quaternary Industry

A specialized branch of the tertiary sector centered on information technology, knowledge processing, financial consulting, and education.

Quinary Industry

A branch of the tertiary sector comprising domestic and hospitality services as well as high-level 'gold collar' decision-makers in government and research.

Globalisation

The process by which businesses and economic activities expand internationally and operate on a global scale across national borders.

Sharing Economy

An economic model where individuals share or rent goods and services, often for a fee, using online digital platforms like Uber or Airbnb.

Employment Contract

A legally binding agreement between an employer and an employee establishing workplace rights, duties, and terms of employment through offer, acceptance, and consideration.

Modern Award

A legally enforceable document setting out the minimum pay rates and workplace conditions for all employees within a specific industry or occupation.

Enterprise Agreement

A collective workplace agreement negotiated directly between an employer and a group of employees or their trade union regarding specific pay and working conditions.

Common Law Contract

An individual, confidential employment agreement signed directly between an employee and employer that is separate from awards or enterprise agreements.

Consideration

The legal requirement in an employment contract where each party exchanges a benefit, such as the employer providing pay and conditions in return for the employee's labour.

Penalty Rates

Increased hourly wage rates paid to employees for working outside standard hours, such as overtime, late nights, early mornings, weekends, or public holidays.

National Employment Standards (NES)

A set of 10 statutory minimum entitlements guaranteed to all Australian employees under federal industrial relations law.

Superannuation

A compulsory long-term retirement savings scheme where employers contribute a minimum percentage (currently $12\%$) of an employee's earnings into a managed investment fund.

Goods and Services Tax (GST)

A broad-based consumption tax of $10\%$ levied on most goods and services sold or consumed in Australia.

Pay As You Go (PAYG)

The system where employers deduct personal income tax directly from an employee's regular pay and remit it to the Australian Taxation Office (ATO).

Tax File Number (TFN) Declaration

A document submitted by a worker upon starting employment that provides personal taxation details used by the ATO to calculate income tax withholding.

Work Health and Safety (WHS) Act 2010 (Cwlth)

Commonwealth legislation outlining the legal duties of employers and employees to maintain a safe, hazard-free workplace.

Workplace Bullying

Persistent, repeated unacceptable behavior—such as intimidation, humiliation, abuse, or exclusion—that creates a risk to health and safety in the workplace.

Sexual Harassment

Unwelcome sexual conduct, comments, or requests that cause a reasonable person to feel offended, humiliated, or intimidated.

Discrimination

Unfavourable treatment of a job applicant or employee based on personal characteristics such as gender, race, age, religion, or disability.

Racial Discrimination Act 1975 (Cwlth)

Federal legislation making it unlawful to discriminate against individuals in employment based on race, color, descent, or national or ethnic origin.

Sex Discrimination Act 1984 (Cwlth)

Federal legislation rendering workplace discrimination based on sex, marital status, pregnancy, potential pregnancy, or family responsibilities illegal.

Disability Discrimination Act 1992 (Cwlth)

Federal law prohibiting discrimination against individuals with physical, intellectual, or sensory disabilities in employment.

Age Discrimination Act 2004 (Cwlth)

Federal law protecting workers of all ages from being treated unfairly or discriminated against in the workplace.

Affirmative Action Act 1986 (Cwlth)

Federal legislation requiring employers to actively promote Equal Employment Opportunity (EEO) programs for disadvantaged groups.