Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/263495 
Year of Publication: 
2022
Series/Report no.: 
IZA Discussion Papers No. 15279
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
Information on both earnings and non-pecuniary rewards is needed to understand the occupational dispersion of wellbeing. We analyse subjective wellbeing in a large UK sample to construct a measure of "full earnings", the sum of earnings and the value of non-pecuniary rewards, in 90 different occupations. Labour-market inequality is underestimated: the dispersion of full earnings is one-third larger than the dispersion of earnings. Equally, the gender and ethnic gaps in the labour market are larger than those in earnings alone, and the full returns to education on the labour market are underestimated. These results are similar in data on US workers. In neither cross-section nor panel data do we find evidence of compensating differentials.
Subjects: 
occupation
wages
non-pecuniary benefits
inequality
JEL: 
I31
J31
Document Type: 
Working Paper

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