Examples of workers' compensation in the following topics:
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- Most of the support came from Democrats, but Theodore Roosevelt and his third party, the Bull Moose Party, also supported such goals as the eight-hour work day, improved safety and health conditions in factories, workers' compensation laws, and minimum wage laws for women.
- With this expansion, the dangers to the railroad worker increased.
- Under FELA, railroad workers who are not covered by regular workers' compensation laws are able to sue companies over their injury claims.
- FELA allows monetary payouts for pain and suffering, decided by juries based on comparative negligence rather than pursuant to a pre-determined benefits schedule under workers' compensation.
- The United States Employees' Compensation Act is a federal law enacted on September 7, 1916.
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- Of course this is not the case; doctors typically make more per hour than retail clerks, and workers in the United States typically earn a higher wage than workers in India.
- These wage differences are called compensation differentials and can be explained by many factors, such as differences in the skills of the workers, the country or geographical area in which jobs are performed, or the characteristics of the jobs themselves.
- Additionally, the differential pay for more education tends to compensate workers for the time, effort, and foregone wages from obtaining the necessary training.
- One can also speak of the compensating differential for an especially desirable job, or one that provides special benefits, but in this case the differential would be negative: that is, a given worker would be willing to accept a lower wage for an especially desirable job, relative to other jobs. .
- Hazard pay is a type of compensating differential.
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- Unions are organizations of workers that seek to improve working conditions and raise the equilibrium wage rate.
- A labor union is an organization of workers who have banded together to achieve common goals.
- When collective bargaining fails, union members may go on strike, refusing to work until a firm addresses the workers' grievances.
- Fundamentally, unions seek higher wages for its member workers (though, here "wages" encompases all types of compensation, not just cash paid to the workers by the employer).
- If, however, their demand is elastic, employers will simply respond to union demands for higher wages by hiring fewer workers.
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- According to economic theory, workers' wages are equal to the marginal revenue product of their labor.
- Imagine if this were not true: a firm decides to pay a highly productive worker less than the marginal revenue product of his labor.
- While a salary or hourly pay does not directly take into account the quality of work, performance-related pay compensates workers with higher levels of productivity directly.
- In this type of pay scheme, workers receive some percentage of the profit that they generate for their company.
- This may be paid on top of a baseline salary or may be the only form of compensation.
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- Employee job satisfaction often relies on comparisons with their co-workers.
- Managers are tasked with assessing equity: identifying both the quantity and quality of a given individual's inputs and comparing that to his or her overall compensation.
- Managers are also responsible for discussing this situation with their subordinates, ensuring that they feel their contributions are being matched by their salary and other forms of compensation.
- In any position, employees want to feel that their contributions and work performance are being fairly compensated.
- Workers have a right to be compensated in a manner that reflects their value; if they are not, then management must restore this equity or risk losing valuable talent.
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- When labor is an input to production, firms hire workers.
- Firms are demand labor and workers provide it at a price called the wage rate.
- Colloquially, "wages" refer to just the dollar amount paid to a worker, but in economics, it refers to total compensation (i.e. it includes benefits).
- In theory, as with other inputs to production, firms will hire workers until the wage rate (marginal cost) equals the marginal revenue product of labor (marginal benefit).
- The fact that a reduction in supply tends to strengthen wages explains why unions and other professional associations have often sought to limit the number of workers in their particular industry.
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- The manager looks at the internal and external equity to determine that $8.00 an hour is a fair base pay for workers.
- Another question to be asked is, "Does this worker contribute to solutions for customers more than another?"
- Compensation specialists use two tools to help make these decisions: job analysis and job evaluation.
- Once you have defined your market, the next step is to survey the compensation paid by employers in your market.
- This graph shows that compensation and wages have been more or less stagnant since the 1970's.
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- The ratio of CEO pay to average worker pay is far greater in the U.S. compared with other countries.
- Executive pay (also known as executive compensation) is financial compensation received by an officer of a firm.
- In general, the compensation of CEOs in the United States has risen to over 400 times the salary of the average U.S. worker, compared to about 30 times only a few decades ago .
- As of 20120, the current ratio of CEO pay to average worker pay was:
- The compensation of CEOs in the United States has risen to over 400 times the salary of the average U.S. worker, compared to about 30 times only a few decades ago.
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- It established a national minimum wage, guaranteed "time and a half" for overtime in certain jobs and prohibited most employment of minors in "oppressive child labor. " Children under the age of 18 cannot do certain dangerous jobs, and children under the age of 16 cannot work. 700,000 workers were affected by the FLSA.
- The 1947 Portal-to-Portal Act specified exactly what type of time was considered compensable work time.
- The October 26, 1949 Fair Labor Standards Amendment included changes to overtime compensation, defined a "regular rate," redefined the term "produced," raised the minimum wage from 40 cents to 75 cents per hour, and extended child labor coverage.
- Still, an employer cannot simply exempt workers from the FLSA by calling them independent contractors, and many employers have illegally misclassified their workers as independent contractors.
- Courts will look at the "economic reality" of the relationship between the putative employer and the worker to determine whether the worker is, in fact, an independent contractor.
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- Non-monetary compensations (e.g., benefits) are essential in recruiting skilled employees and maintaining a satisfied workforce.
- Part-time and contract workers are not always offered these benefits, partly as a result of the high cost to businesses.
- Employers have several options with respect to non-monetary compensation.
- The largest category of non-monetary compensation includes benefits.