The term income refers to more than just wages. That fact highlights the reason that it pays to learn what documents can help with obtaining fair compensation for lost income.
What can be viewed as income?
• A worker’s regular salary
• A worker’s vacation pay
• Any sick days used to pay for time off
• Personal hours used to pay for time off
• The commissions and bonuses an employee might have earned
• Merit raises or salary increases lost
• Retirement or 401K account contributions missed
Possible proof of lost income (for someone working for a company or business)
• A statement from the employee’s employer
• A doctor’s statement, one that declares the employee’s inability to work
Possible proof of lost income (for self-employed individual)
• Tax forms
• Figures in a business bank account
• Bookkeeper’s records
• Profit and loss statements
Factors that can affect the possible size of an employee’s future income
What are the chances that the injured worker will recover from his or her injury? If the worker’s injury has burdened him or her with a permanent medical problem, then that worker has lost all hope for enjoying some form of future income, assuming that he or she does not have other marketable talents or skills. If that is the case, Injury Lawyer in Mississauga know that the awarded compensation should reflect that loss of future income.
Can the injured employee step into another form of employment? This possibility was mentioned in the answer to the earlier question. Does this worker have other marketable talents or skills? Understand that someone that does have such talents or skills must create an entirely new resume. That fact should be considered, during a determination of the size of the talented/skilled worker’s future income.
For how many years has the injured employee been working at this particular job? Someone that has put-in many years has gained a certain level of expertise. That expertise should have encouraged the employer to consider an increase in the worker’s salary. Of course, an injury has now prevented the series of events that would have resulted in an increased salary. That fact must be taken into consideration by means of a awarding a fair compensation.
For how much longer did this particular person expect to be holding a job? How soon did he or she expect to retire? Someone that gets injured when close to retirement age should not expect as large a compensation as what would be given to someone that has lost a greater percentage of his or her future income.
Could this individual hold down a different job in the same company/business? Some talents prove useful in any business. If this worker has such a talent, then the employer should make note of that fact.