Money is tight, bills are piling up and you are out of a job. With unemployment rates skyrocketing, workers may find they are debating the pros and cons of part time employment verses full time employment more often. Part time jobs and full time jobs are both great sources of income, but many job seekers look at the limited hours offered through part time employment as being less than they need to cover expenses. While this may be true, there could be more to that part time employment position than meets the eye.
Pros and Cons of Part Time Employment
Part time employment offers fewer than 40 hours a week. Employer definitions of part time employment will vary. According to the United States Department of Labor, part time employment guidelines are not set or regulated by the federal government, so an employer can offer hours ranging from zero to 39 and still define the job as part time employment.
The benefits of a part time job include a new source of income and access to employer discounts or benefits. The cons of a part time job include reduced hours, fluctuating schedules, irregular income and reduced benefits based on full time employment, in some cases.
Working a part time job may not meet personal or family finance needs. This could mean more than one part time job is required to make ends meet. Some part time employers are willing to offer flexible schedules to accommodate employees working multiple jobs.
Pros and Cons of Full Time Employment
Full time employment is defined as 40 or more hours per week. When more than 40 hours per week are scheduled, the employer must pay overtime unless the job is defined as a salary position. Salary positions are typically reserved for management style employment and carry work restrictions based on job classification. Salary employees must spend the majority of their time working on managerial tasks, according to the Fair Labor Standards Act. If more time is spent doing physical work instead of managing employees, overtime pay must be calculated and paid.
The pros of full time work include more gross pay, income that can be estimated from pay period to pay period and employment benefits. The cons include no job security over part time employment and increased tax payments relevant to increased pay.
Hour requirements for a full time job may limit an employee’s ability to work a second job for personal financial gain. If the total pay for a full time job is not enough to pay basic bills and provide food and shelter, more than one part time job may be more financially supportive.
The U.S. Department of Labor Home Page. Web. 15 Nov. 2010.
Fact Sheet #17B: Exemption for Executive Employees Under the Fair Labor Standards Act (FLSA) . United States Department of Labor. Web. 15 Nov. 2010.
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