Understanding Pay & Benefits

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Types Of Pay

Wages: a regular payment that an employee makes by hour , day , weekends. This also deals with piecework , which work is paid for the number of items being turned out.
  • Ex: If you work for a wage of $20 per hour, Your paycheck would be $20 multiplied by the number of hours you worked during pay period.


Salary
: total amount of money that they are paid each year.
  • Ex: How much money you make from your job . ($60,000 per year)


Commission: a fee or percentage allowed to a sales representative or service

  • Ex: Johnson's Museum sold Lara's painting for $800, so Lara paid them 10% commission ($80).

Tips: a small sum of money given to an employee by customers in exchange for a service.

  • Ex: When you go the waffle house , you suppose to give the person who serves your food a tip.

Identifying FLSA

FLSA is Known as Federal Government Standards Act , this means no matter how workers are paid , they have a right to be paid fairly. This act has standards that governs employee payment and compensation. This also includes equal pay. The FLSA often is used to prevent discrimination against women, minorities , and older workers.

Explaining Minimum Wage

Minimum Wage is the lowest wage an employer may pay an employee for a specified job. It helps workers across the country keep up with inflation.

The exception for minimum wage is :


  • Subminimum Wage because it is set lower than the standard minimum wage.
  • Overtime because people work overtime to get more money.

What is Overtime?

Overtime is work at a regular job done in addition to regular working hours.

  • In most cases , compensation for work beyond 40 hours must be at least 1.5 times the employee's regular rate of pay.
  • Federal law requires that hourly employees who work more than 40 hours in a workweek must be paid at a higher rate for the overtime hours, at a minimum of 1 1/2 times the employee's regular pay rate.
  • Overtime pay is calculated: Hourly pay rate x 1.5 x overtime hours worked.

Types of Benefits

Insurance Benefits: the health care items or services covered under a health insurance plan.

Ex: when you get in a car accident , you have to have insurance on your car.


Savings and Retirement Benefits:The employers offers many types of employee savings plans and retirement plans. Money is being deducted to put in a savings or investment account. After a certain amount of time, the employee becomes vested.

Ex:When a person retires from their job but they saved all they money up.


Other Benefits: are benefits that employers can offer including paid holidays, vacations, and sick leave. They may also pay for additional education or job training to help employees learn new skills.

Ex: when a person has cancer, you donate money to help them out.

Types Of Employment Classifications

Full Time: means working or operating the customary number of hours in each day , week, or month.

Part Time : when you work less than 35 hours per week.


Temporary: means that sometime employers hire workers to fill temporary vacancies .


Contract:when employees are hired for a specified period of time to complete a particular project for an employer.

Jobs That Offer Benefits

1.Whole Foods, which offers part-time employees who pass the 400-hour mark to have 20% discount on store purchases.


2.Lowe's , which means part-time staff can also enroll in life insurance and short-term disability plans.


3.Ups, which means UPS workers enjoy other benefits at no cost, including life, disability, and death/dismemberment insurance, adoption assistance, and tobacco cessation support.


4.U-Haul, which means after a year of service, part-time U-Haul employees who log 20 hours a week are eligible for direct stock purchase.


5.Starbucks, which offers short-term disability and death/dismemberment insurance plans, employee assistance programs that include low-cost counseling, adoption assistance of up to $4,000, and a 401k plan that includes an employer match of up to 6% of total employee contributions.

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