[4] Labor Laws Cheat Sheet - Book 7
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15 Terms
BOOK 7: TRANSITORY AND FINAL PROVISIONS
Benefits
Components of Rewards System
Benefits
Indirect financial and nonfinancial payments employees receive for continuing employment
Supplemental Pay Benefits
Severance Pay
Pension Plans
Compressed Work Week
Job Sharing
Work Sharing
Supplemental Pay Benefits
BENEFITS
Benefits for time not worked
Severance Pay
BENEFITS
Reduces the changes of litigation from former employees
Pension Plans
BENEFITS
Income to individuals in their retirement
Compressed Work Week
BENEFITS
Fewer but longer days per week
Job Sharing
BENEFITS
Two or more people sharing a single full-time job
Work Sharing
BENEFITS
Temporary reduction in work hours by a group of employees to prevent layoff
Components of Rewards System
Direct Base Pay
Pay Progression
Performance Variable Pay
Payment by Results
Performance-related Pay
Indirect Pay or Benefits
Direct Base Pay
COMPONENTS OF REWARDS SYSTEM
Fixed salary or wage
Pay Progression
COMPONENTS OF REWARDS SYSTEM
Related to age or length of service or performance criteria
Performance Variable Pay
COMPONENTS OF REWARDS SYSTEM
Directly linked to work-related behavior
Types:
Payment by results
Performance-related play
Indirect pay or benefits
Payment by Results
PERFORMANCE VARIABLE PAY
Quantity of output produced
Piecework, commission, output, target-based outcomes
Performance-Related Pay
PERFORMANCE VARIABLE PAY
Based on profitability of the firm
Indirect Pay or Benefits
PERFORMANCE VARIABLE PAY
Non-cash items or benefits