A Summary of Labor Economic Terms

No ordering can pull round without course activities. People must work to earn for their living. They work to stand their basic needs, to have food, shelter and clothing. These actual and potential workers in the universe of discourse of the industrial society constitute the labor force.Labor has been commodity in the society as various factories were established. Population of workers is greater than the available jobs. This caused injustices and abuse which last formed labor unions holding protests for their rights.United States, pursuing capitalism with democratic pillowcase of government, addressed these issues by establishing the Department of Labor. This government agency protects the workers welfargon and helps to emend their working condition and to have conducive working environment. They regularized wages and oblige additional proper benefits for the security of workers.Minimum wage is the basic amount give for the service rendered by the employee or worker. It co uld be rated per hour, per day with eight hours layover of work, per week or per month. In July 24th, 2007 under Fair Labor Standards tour (FLSA), the national minimum wage is $5.85 per hour for cover nonexempt employees.Mostly, both state has own minimum wage law. The employees subjected to both state and federal minimum wage laws are entitled to receive amount which is higher.Fringe benefits issue when there will either be commissions or promised wages. This is not covered under the FLSA.Some employer who do not properly pay wages match to the laws have to pay employees with right amount calculated from the difference betwixt what the employee received and what should be he/she must receive. This is called back pay. If employer resists on paying(a) these amount, they will be subjected to law suit and will be paying higher amount including some other damages, attorneys fee and dally costs.Some employers motivate their workers by paying additional amount. Selling and produc tion workers commonly receive it. It is termed as gross sales commission. It serves as incentives for increase in sales or production of manufactured goods. Other employers give commission as additional salary or replacement of the salary.Employers can hold funds from employees earning as required by court. Wage garnishment is a legal subprogram that is done to pay employees debt. Common case of garnishment is the case on barbarian support.Workers are protected from being dismissed at their current employment. to a lower place Title III of the Consumer Credit Protection Act (CCPA), employee can not be discharge or fired out of work delinquent to garnishment even though there were numbers of levies or proceedings call for to collect debts. Also, there will be limits on the amount of employees meshwork to be garnished. This is to ensure that the employee can still sustain his/her basic needs.Earnings subjected to garnishment are wages, salaries, commissions, bonuses, and inco me from a pension or retirement program. Tips are not include for garnishment.The government needed contractors to build road, buildings, public schools, public transportation and other government-owned facilities. The contractors needed to employ people for this government project. Employment Standards Administrations Wage & minute of arc Division of Department of Labor enforced wage requirements for government contracts. in that location were several laws on wage requirements.One is the Davis-Bacon and Related Acts (DBRA). Laborers and mechanics hired to work for federal and federally-assisted construction projects should be paid prevailing wages.Another law is the McNamara-OHara military service Contract Act. Contractual service employees working with the federal government should be paid with prevailing wage rates and fringe benefits.