The statistical value of labor force in Brick Kilns and Marble Industry: a case study of Peshawar
Abstract/Description
Government agencies and policymakers are confronted with the necessity to introduce health and safety regulations and wonder how to value the benefits from those safety regulations, and the evaluated value could be placed on the reduction of death risks and health risks, through comprehending how people are compensated for the risks they accept/take. And this approach is known as compensating wage differentials method which estimates the wage premium a worker needs to be given/paid to accept a small increase in his/her risk of death and injuries, likewise, what the worker would pay to reduce the risk to their health and dying or achieve a small increase in safety. Wage premium is estimated from the market and computed value of statistical life, a value that how much the population may be willing to pay to reduce the risk of one death among them. The sample size for this study is 200, and the annual hours are taken internationally and in Pakistani as well. With respect to 2000 annual hours, the VSL for marble workers was estimated at PKR 54.6 million (USD 0.3412) and perceived injury rated at PKR 5460, and for the bricks kilns the value of life was estimated at PKR 43.7 million (0.2731). While with respect to Pakistan’s annual hours (2800), the VSL for marble workers is PKR 76.44 million (USD 0.4777m), and perceived injury is valued at PKR 7644. Besides brick kilns workers VSL estimated PKR 61.18 million (USD 0.3823).
Keywords
Compensating Wage Differential, Informal Sectors, Value of Statistical Life/injury, Perceived Risks, Marble Factories, Brick Kilns, Safety Regulations
Track
Finance
Session Number/Theme
2B
Session Chair
Dr. Ashraf Khan ; Dr. Mohsin Sadaqat
Start Date/Time
27-5-2023 11:30 AM
End Date/Time
27-5-2023 1:30 PM
Location
MCS-4, AMAN-CED, First Floor
Recommended Citation
Khan, M. I., Khan, S., & Hanif, S. (2023). The statistical value of labor force in Brick Kilns and Marble Industry: a case study of Peshawar. 3rd IBA SBS International Conference 2024. Retrieved from https://ir.iba.edu.pk/sbsic/2023/program/30
COinS
The statistical value of labor force in Brick Kilns and Marble Industry: a case study of Peshawar
MCS-4, AMAN-CED, First Floor
Government agencies and policymakers are confronted with the necessity to introduce health and safety regulations and wonder how to value the benefits from those safety regulations, and the evaluated value could be placed on the reduction of death risks and health risks, through comprehending how people are compensated for the risks they accept/take. And this approach is known as compensating wage differentials method which estimates the wage premium a worker needs to be given/paid to accept a small increase in his/her risk of death and injuries, likewise, what the worker would pay to reduce the risk to their health and dying or achieve a small increase in safety. Wage premium is estimated from the market and computed value of statistical life, a value that how much the population may be willing to pay to reduce the risk of one death among them. The sample size for this study is 200, and the annual hours are taken internationally and in Pakistani as well. With respect to 2000 annual hours, the VSL for marble workers was estimated at PKR 54.6 million (USD 0.3412) and perceived injury rated at PKR 5460, and for the bricks kilns the value of life was estimated at PKR 43.7 million (0.2731). While with respect to Pakistan’s annual hours (2800), the VSL for marble workers is PKR 76.44 million (USD 0.4777m), and perceived injury is valued at PKR 7644. Besides brick kilns workers VSL estimated PKR 61.18 million (USD 0.3823).
