Lecture on Employment Laws, Wages, and Compensation

This set of flashcards covers key vocabulary and concepts related to employment laws, minimum wage, workers' compensation, health insurance, social security, pension plans, and issues of economic inequality.

Bring Your Gun to Work Laws

Laws that prevent employers from prohibiting employees from bringing firearms into the parking lot at work.

Minimum Wage

The lowest wage that employers can legally pay their employees, set at $7.25 per hour by federal law.

Workers' Compensation

A system of insurance providing wage replacement and medical benefits to employees injured in the course of employment.

Fair Labor Standards Act

Legislation that sets minimum wage, overtime pay eligibility, recordkeeping, and youth employment in the United States.

COBRA (Consolidated Omnibus Budget Reconciliation Act)

A federal law that allows individuals to continue their health insurance coverage after leaving their job.

Social Security

A federal program that provides retirement, disability, and survivor benefits to eligible Americans, primarily funded through payroll taxes.

Defined Benefit Pension

A retirement plan where an employer guarantees a specified retirement benefit amount based on an employee's earnings history and tenure.

Defined Contribution Plan

A retirement plan where the employee and/or employer contributes to an individual account for the employee, usually with a 401(k) plan.

Equal Pay Act of 1963

Legislation that prohibits pay discrimination on the basis of sex, ensuring equal pay for equal work.

Economic Inequality

The unequal distribution of income and opportunity between different groups in society, often associated with lower union density.