Wing Tang - 4.docx - Part A 1 Describe the various...

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Part A 1. Describe the various components of compensation. There is tangible, which are rewards that can be measured and there is intangible rewards, which cannot be measured of quantified. The next is base pay and it is the basic compensation that an employee receives. Those that are paid hourly will receive a wage and those that are paid annually are paid a salary. Then there is variable pay and this is the compensation linked directly to individual, team, or organizational performance. Examples of this would be bonuses, incentive program payments, and commissions. The last component is benefits and this is considered an indirect compensation given to an employee regardless of performance. Examples of this are health insurance, paid time off, and retirement pensions. 2. Describe the Fair Labor Standards Act and the major areas it focuses on. The FLSA establishes minimum wage, overtime pay, recordkeeping, and child labor standards in the private sector and in federal, state, and local governments. The major areas that the Fait Labor Standards Act focuses on is
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  • Spring '14
  • AlvinHwang
  • FLSA

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