Compensation Law (Essay Sample)

Compensation Law Student’s Name Institutional Affiliation Compensation Law Introduction Compensation inside the business and payable taxes on income have some sort of impact by different kinds of federal as well as state laws that apply to any business inside the territory. The strategies that are produced under federal and state laws are associated with business profit and plan that would be determined by the business itself. Also, the fair labor standard act is the law that is the topmost priority of any organization or company. Moreover, familiarization with such laws by the business owner is mandatory to run the business efficiently under federal and state laws. Five major laws are associated with this law to compensate for the laborers. Hence, these laws include pay for overtime, the minimum level for wages, keeping the records, the responsibility of the labor and owner, and the child labor. However, some laws have been modified in recent years. In the same way, The Equal Pay Act of 1963 is another closely related law to the fair labor act (US Department of Labor, n,d). Discrimination of salaries among men and women is restricted by The Fair Labor Standard Act. It means that the discrimination od salaries for males and females over the same position are regulated by The Fair Labor Standards Act (U.S. Equal Employment). Besides, the system of reward on performance, seniority, and merit system has not been challenged and restricted by this act. In the same way, exempt and non-exempt status has not been restricted by The Fair Labor Standards Act. The majority of programs such as insurance of unemployed persons, unemployment equality, job security, and healthcare facility are some of the programs of this act. To encourage, engage, and retained the staff, employee compensation programs play a vital role that provides the benefit to the deserving employee of the organization based on merit. Moreover, when the employees reach the retirement level, retirement plans are beneficial for the retired employee to income support. For instance, the Consumer Credit Protection Act of 1968 that is concerned with the garnishment of wages protects the employees that are retired (US Department of Labor, n.d). Organizational Objectives and Total Compensation in Different Markets Organizations may offer the compensations and benefits of retirement saving options to attract and retain a capable, skilled, and good employee that is beneficial for the organization. For the eligible employees, employers have the option of sponsoring benefits and contributions. Moreover, this option also describes the procedure of benefits for the employees. Inside an establishment and taxes that are applicable to income, some federal and state laws are valid and have an impact on compensation. To fix the salaries and compensation plans for the employees by the organization is dependent upon the outline provided by the laws stated by federal as well as the state. The Equal Pay Act of 1963 is legitimately connected with The Fair Labor Standards Act and it disallows disparity between pay rates of male and female workers utilized at an indistinguishable position (U.S. Equal Employment, n.d). Worker Retirement Income Security Act of 1974 is another law which controls issues like annuity benefits, retirement plans, handicap, and medical coverage plans (U.S. Department of Labor, n.d). Characterized advantage plans are a repaired sum set for qualified workers for retirement. This arrangement comprises of manager commitments either quarterly or every year. With these plans, the business chooses to pay a protected amount to the specialist's annuity account each year "When markets rise, the business will receive the reward of the rising qualities, and can lessen its benefits commitments and increment its benefits while the retiree keeps on accepting the equivalent guaranteed salary" (Jim Heskett, 2007). Advantages additionally assume a basic job in the worker remuneration program and are included in money related pay with the goal that the staff is empowered, included, and held. Examples of Similarities and Differences The affinity between the guidelines of the biotech business with those of different enterprises will be on issues, for example, the lowest pay permitted by law, laws regarding child labor, equivalent, and extra time pay. These variables are considered as they are the key components as far as worker government assistance. This in this manner requires each asso...