Saylor Ltd is considering a new contract that will require four additional skilled employees. Each of the employees could be recruited on a one year contract at E50,000 per employee. The staff will require to be managed by an existing manager who currently earns 100,000 per annum. This contract will probably take around 20% of the manager's time to supervise. As an alternative, the company could retrain existing staff who currently earn 40,000 per annum. The retraining costs will be 20,000 and if these staff were used they would need to be replaced at a cost of {125,000. Required: Identify the relevant labour costs of the contract. [6]