Cooks work in restaurants, dining establishments, healthcare facilities, universities and other culinary-oriented institutions. Some chefs play lead roles and supervise other culinary workers at these facilities.
These professionals receive salaries depending on their experience, education and type of establishment where they work. Chefs and head cooks tend to earn higher pay than other culinary workers.
1. Rent
Cost of renting can differ significantly depending on where you live, which makes comparing costs before moving something of great importance. Some cities can be significantly more costly to live in than others and you should do your research before committing to moving somewhere new. Knowing these details before making decisions on where and when to move is imperative in making sound financial decisions.
Working in a restaurant can be extremely demanding and demanding of one’s mental and physical resources, particularly if working in the kitchen where tickets come in regularly. You will be under constant pressure and must be able to handle stress effectively; otherwise this job might not be right for you.
Inflation is an essential component of the cost of living index, as it takes into account actual prices paid for items like housing, food and transport. Calculation of this index allows workforce entrants to compare relative costs between locations. At Mercer we use indexes based on pricing for a basket of 200+ everyday goods and services across each location.
2. Food
Chefs are trained professionals who specialize in food preparation for commercial kitchens like restaurants, hotels, country clubs and other fine dining establishments.
Chefs must be capable of working under extreme stress conditions and often work early mornings, late evenings, weekends and holidays. Furthermore, they must manage physical demands associated with long hours standing or working in cramped spaces in hot environments as well as managing inventory management and ordering supplies as required.
Greg and Larry both enjoy their jobs and have worked in various types of restaurants and foodservice operations, though both dislike working banquets/catered events because it requires them to focus solely on one dish for an event – they prefer working the line for greater variety in their job duties.
An individual pursuing a culinary job should anticipate long hours and relatively low pay, after deducting rent, culinary school loan payments and living expenses. Unfortunately, their personal wealth usually won’t permit other luxury purchases; however, with experience comes opportunity to advance in their career and increase earnings.
3. Transportation
Lifestyle depends heavily on transportation costs – in addition to food and housing expenses, transportation accounts for an extensive portion of overall living costs. Transportation indexes measure these costs alongside groceries, utilities, entertainment costs and healthcare bills in any given city. As workers transition into the workforce or current employees consider relocation, using a cost of living calculator is an invaluable way to gauge what expenses will arise in their new location and if they can afford it. Kiplinger, Mercer and MoneyGeek are online calculators that compare cost of living across various cities, using data compiled from the Council for Community and Economic Research’s cost of living survey as their baseline for expense calculations in various cities. Furthermore, these online tools also include employment data, property taxes and entertainment expenses in their calculations.
4. Insurance
Cost of living refers to the amount of money an individual needs in order to cover basic expenses like housing, food, taxes and healthcare. Salaries in cities where living costs are higher – like New York – must increase to offset this increased burden of expenses. Inflation is one of the primary influences on cost of living as prices such as food and rent rise due to it; as a way of mitigating inflationary trends the federal government implements cost of living adjustments (COLAs) on Social Security and Supplemental Security Income payments to offset these changes in cost of living adjustments (COLAs).
If you are contemplating moving, or even just daydreaming about it, knowing what amount will be needed to maintain your standard of living can be invaluable. MoneyGeek’s cost of living calculator allows for fast comparisons among expenses in over 500 U.S. cities.
5. Health Care
Many find the joys of a culinary career far outweigh its sacrifices. Though the work may be physically demanding and starting wages lower than other fields, its opportunities for advancement and creativity make a culinary career well worth their while. Furthermore, it allows people to explore various restaurants around the globe from New York City to Los Angeles and beyond.
An individual can use the Mercer Cost of Living Index to estimate what it takes to live comfortably in a particular location or time period. This index compares prices across cities so individuals can find the best deals in housing, food, taxes and healthcare costs; also taking into account average wages and inflation rate.
According to the Bureau of Labor Statistics, chefs and head cooks earn a median annual salary of $53,380. With experience and continued education, this amount may increase significantly. Furthermore, many top culinary schools boast accreditation from the American Culinary Federation (ACF) – this organization evaluates schools according to standards and professionalism criteria.
Chefs often work on weekends and spend extended amounts of time away from their families, which may be difficult if they have children and other obligations outside the kitchen. Long hours may also prove challenging if one enjoys hobbies outside culinary work.
Health care service workers’ low pay is certainly problematic; however, their benefits are an integral component of meeting the needs of this vulnerable population. The Families First Coronavirus Response Act includes provisions that expand paid sick leave and family and medical leave benefits for these essential workers; unfortunately this legislation faces hurdles that could delay its passage through Congress.
