Who: The laborer generally starts life with little to no wealth. The laborer develops a trade and seeks to apply that trade in return for cash. If the laborer thrives, she will be able to save wealth and may transition to the capitalist role. Most laborers see this as a goal in life. If not for them, at least to save enough wealth and provide enough education that their children can.
How will our system look to the laborer?
Much will not change for the laborer in her day to day life initially. She will continue to work for a wage. Only after a number of prefs have built up in the laborer's name and on the laborer's account will things begin to change.
With an increase in the prefs that a laborer owns, the laborer will begin to gain more and more, and larger and larger pref payments. These payments will help supplement the laborers income. Eventually, after years, the payments will become large enough that a bout with illness will not put the laborer in a bind.
Eventually the laborer's payments will be equal to a year's wage and allow the laborer to 'retire' to purse further education, art, a desired career, the nurturing of family, or remain working with the privilege of an elevated income.
The laborer will be able to see where the prefs are coming from, and since they are coming from entities that the laborer has paid money into, a sense of community and reliance on community will increase.
What of the prefs in the laborer's account that are owned by the wage payer? If the company is wise it will invest in the employee and help the employee improve their lifetime earnings. The more the company can increase the laborers earnings, the higher a chance that the company will reap more from the employee's prefs than were paid into the employee's wage.
We believe that it is likely that this arrangement will lead to the 'end of employment' as we know it. Employers will begin to work with Unions, funding the laborer education and improvement. Labor will begin to be hired on a contract base from a pool of labor. Methods will be developed to match the proper laborer with the proper job. When the employee rolls off a job, the employer will likely direct their training so that they either:
Return more skilled
Move on to work for another company at a higher wage.
Both of these are a positive for the laborer. It is more of a burden for the employer, but this is balanced with an opportunity to have returned wages.