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Unformatted text preview: Compensation Direct Immediate Base pay Merit pay Incentive pay Bonuses Piece rates Shift differentials Commissions Deferred Executive delayed- payment bonuses Indirect Immediate Deferred Protection programs Medical insurance Life insurance Disability insurance Social Security Workers’ compensation Unemployment insurance Protection programs that continue after retirement or severance Services and perquisites that continue after retirement or severance Pay for time not worked Vacation Holidays Sick leave Jury duty Savings plans 401(k) plans Deferred compensation plans Services and Perquisites Discounts on company products Company car Exhibit 1 Types of Compensation Law Major Provisions Davis-Bacon Act (1931) Requires that workers be paid the prevailing wage for the local area. Walsh-Healy Act (1936) Requires overtime pay (time and one-half) for work beyond 8 hours per day and 40 hours per week. Applies only to government contractors. Fair Labor Standards Act (1938) Establishes minimum wage rates; establishes overtime pay for all work over 40 hours per week; establishes child labor standards (for people under 16). Social Security Acts (1935) Retirement program (1939) Income to family of deceased worker (1956) Disability program (1965) Medicare Equal Pay Act (1963) Prohibits discrimination on basis of gender. Consumer Credit Protection Act Provides guidelines for wage garnishments (1968) and makes it illegal for employer to terminate employee over a single debt. Employee Retirement Income Establishes standards of funding, Security Act (ERISA) (1974) responsibilities, vesting, and eligibility for retirement programs. Protects employee retirement programs. Federal/State Child Support Allows automatic mandatory wage withholding Enforcement Program (1975) for child support payments. Child Support Program Employers cannot discipline, discharge, or Enforcement Amendment (1984) refuse to hire employees over child support issues. Consolidated Omnibus Budget Provides employees and families option of Reconciliation Act (COBRA) purchasing health insurance after death, (1985) disability, or voluntary or involuntary termination (except for gross misconduct). Tax Reform Act (1986) Regulates taxation of employee benefits....
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- Spring '12
- Employment compensation, advanced office equipment