There has been considerable variation in suggestions by popular press and academic researchers that the Protestant work ethic (PWE) is on the decline or is changing. Surprisingly, research investigating the relationship between PWE beliefs and work-related variables is relatively recent, yet is important given its connection with numerous work attitudes and behaviours. Many PWE scales provide a unitary measure of the construct, despite evidence highlighting its multidimensionality. Using a sample of 206 employed and 193 unemployed participants, the present study investigated the relationship between work variables, such as the latent and manifest benefits of employment and specific PWE dimensions, and further sought to determine if these relationships significantly influenced the psychological well-being of these populations. It was found that analysing the separate dimensions of the PWE with the latent and manifest benefits of employment was valuable in better understanding the contribution each has to the psychological well-being of employed and unemployed individuals. Importantly, no differences existed between the employed and unemployed in their commitment to the values of the PWE.