Higher Education Level Can Lead to Higher Wages

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Introduction:
Australia, a country with total population of approximately 23,456,977 people (Australian Bureau of Statistics 2014) have shown to have an improving economy as the unemployment rate has fallen to 5.8% in March 2014. However, the number of full-time employment decreases by 22,100 whereas part-time employment increases by 48,200 (Australian Associated Press 2014). According to Denise Bradley review, he suggested funding an extra 330,000 graduates by 2020 to meet 40% population for tightening and strengthen the quality control of the future workforce (Slattery, L 2008). According to PC report, early school leavers are most likely to receive a lower pay compared to those of higher education level (McLachlan, R, Gilfillan, G & Gordan, J 2013). Based on that statement, the present research analysis was conducted to investigate whether is there any factual indication that there is a positive relationship between the level of education and the amount of wages earned.

1. Hypothesis:
Does people with a higher income had a higher education level compared to the others who don’t? The issue doesn’t not circulate within the range of only highly educated individual have higher pay compared to those of lower education. Normally in reality, when there is an effect, it does not necessarily have only a specific causation, in fact there might be more.

2. Methodologies:
A field research was conducted and data was collected across individual of different job scope with the following weighing:-

This research outcome is categorized by gender to have a clearer view of the correlation between variables. Firstly, the average wage earned per hour by female respondents is less than $5 compared to the male respondents which is shown in figure 2.1 and 2.2 as females tend to apply for breaks from work and eventually become hard to follow up with male colleagues and get promoted (Berman, J 2014).

Besides that, Refer to table 2.3 and table 2.4 indicates that female is easier to be impacted by age and education level factor compared to male.

Where the previous research focus more on a single factor; therefore, in order to prevent possible issue on multicollinearity, other components that would most likely impact the allocation of wages are also included. Components like the respondents:-
 Age
 Differs in experience. As the prejudices regarding to age can affect the individuals’ judgments towards certain situation (Acas 2006). It reflects the professionalism of the individual and possibility of getting a promotion.
 Ability of speaking variety of languages
 For individual entering the workforce in 2014 with a fluent second language is expected to have 10%-15% wage increase as the makes business trading easier (Chau, L 2014).

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