A Summary of Labor Economic Terms

No society apprize exist without work activities. People essential work to earn for their living. They work to sustain their basic needs, to shake food, protect and clothing. These actual and potential workers in the population of the industrial society present the labor force.Labor has been commodity in the society as various factories were established. race of workers is greater than the available jobs. This caused injustices and abuse which eventually formed labor unions place protests for their slumps.United States, pursuing capitalism with democratic type of government, addressed these issues by establishing the department of Labor. This government agency protects the workers welf be and helps to improve their working condition and to have conducive working environment. They regularized plights and imposed additional proper benefits for the security measures of workers.Minimum wage is the basic amount paid for the service rendered by the employee or worker. It could b e rated per hour, per day with eight hours period of work, per week or per month. In July 24th, 2007 under Fair Labor Standards Act (FLSA), the federal lower limit wage is $5.85 per hour for covered nonexempt employees.Mostly, every state has own minimum wage constabulary. The employees subjected to both state and federal minimum wage laws are entitled to receive amount which is higher.Fringe benefits come when on that point testament each be commissions or promised wages. This is not covered under the FLSA.Some employer who do not properly pay wages according to the laws have to pay employees with right amount calculated from the difference between what the employee received and what should be he/she must receive. This is called back pay. If employer resists on pay these amount, they will be subjected to law suit and will be paying higher amount including other damages, attorneys fee and court costs.Some employers motivate their workers by paying additional amount. Selling an d production workers commonly receive it. It is termed as gross sales commission. It serves as incentives for increase in sales or production of construct goods. Other employers give commission as additional salary or replacement of the salary.Employers can hold money from employees earning as required by court. Wage garnishment is a legal procedure that is done to pay employees debt. earthy case of garnishment is the case on child support.Workers are protected from macrocosm dismissed at their current employment. Under Title III of the Consumer reference Protection Act (CCPA), employee can not be discharge or fired out of work due to garnishment even though there were numbers of levies or proceedings needed to collect debts. Also, there will be limits on the amount of employees earnings 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 income from a pension or retirement program. Tips are not included for garnishment.The government needed contractors to pretend road, buildings, public schools, public transportation and other government-owned facilities. The contractors needed to employ community for this government project. Employment Standards Administrations Wage & Hour Division of part of Labor enforced wage requirements for government contracts. There 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 look projects should be paid plethoric wages.Another law is the McNamara-OHara Service Contract Act. contractual service employees working with the federal government should be paid with prevailing wage rates and fringe benefits.