U - W

A person belonging to the labor force who has been actively looking for work but is unable to find one.

An employed person seeking additional work, owing to poor income derived from present employment. Underemployment indicates the degree of underutilization of labor in an economy. In most developing countries, people are too poor to become fully unemployed. Much of the underutilization of labor takes the form of underemployment.

Unibanking for short. It refers to expanded commercial banking. A unibank is both a commercial bank and an investment house. In effect, the unibank becomes a superbank with the authority to provide a broad range of financial services. By Philippine laws, unibanks are allowed to own up to 35 percent of non-bank undertakings. Unibanking therefore legitimizes the existing financial and industrial empires.

The value of what is produced by a firm, minus the value of goods it purchases from other firms. What remains is the total of so-called factor incomes, consisting of workers’ wages, owners’ profits, interest on bank loans, and rent on land on which the plant is built. If all value-added were totaled for all producers in the economy, the sum would hypothetically equal GDP, which is the same as all incomes earned by factors in the country.

Regular payment received by a worker for the performance of tasks assigned to him by the employer. Living wage is defined as the minimum compensation necessary so that a worker can feed a family of five. * Nominal Wage. The current wage received by a worker. *Real Wage. What’s left of the value of worker’s wage after several bouts with inflation. Real wage is much lower than nominal wage.

Created in 1946, its initial role was a long-term funder to reconstruct Western European countries ravaged by war. It evolved from a project loan funder (e.g., for energy and irrigation projects) to program loan lender affecting significant sectors of the economy. The World Bank is currently the main facilitator of STRUCTURAL ADJUSTMENT PROGRAMS.*