Even with 1980s level Japanese job security, that's a terrible deal. City teaching for -40k a year, in a city with one of the highest cost of living indexes? With a MA? I cannot even begin to process this being able to bring in good talent, let alone keep it. Unless there are a larger pool of martyrs up there?<quoted text>
Plus benefit and...
Job protection even if you kill someone, practically!
You do not put a price to job security but most accountants will tell you that you are wrong. Job security is a tangible asset with intrinsic value. So how much value does eternal job security has?
over $500,000 !!!
In our work on public sector pay, Jason Richwine and I have attempted to put a dollar value on the greater job security enjoyed by government employees, which acts as a free insurance policy against losing your job. Estimating the value of job security from the data is tough, however, for technical reasons outlined in our working paper on federal pay. Instead, we use an economic model, calibrated with a variety of data, to arrive at an estimate.
Our baseline result was that job security for federal government employees was equivalent to a 1.5 percent to 3 percent increase in pay.(There is some recent academic work cited in our paper showing that this may be an underestimateâa German survey found that individuals stated they would accept a more than 10 percent pay cut to receive public sector levels of job security.) Importantly, though, our baseline result assumes that federal employees who lost their jobs would, after a period of job-searching, find new employment at similar pay. However, our working paper also showed that federal workers receive a significant salary and benefits premium over similar private sector employees. This is where job security becomes particularly valuable, because it protects not only against lost income during unemployment but also against being forced into a lower paying job afterward. When this factor is accounted for, the value of job security rises to around 17 percent of pay.
Tranpsosition, Would you please add "job security" benefit to the other benefits?
Given the cost of living and today's tuition prices, you could still be paying off an undergrad and MA 10, 15 years into this payscale. This is incredibly horrifying to me.