University:
Columbia University
Course:
UN 1105 | Principles of Economics
Academic year:

2023
Views:

398

Pages:

1
Author:

Adam B.

types of compensation: hourly wage Specific amount of money for each hour of work. Salary Specific amount of money paid for an employees work during a set calendar period, regardless of the hours they worked." commission payments that are based on percentage of sale revenue Incentive payments payment in addition to wages, salary or commissions such as gain sharing for exceeding goals or quotas. lump-sum Salary increase an entire pay raise given in a one-time or lump sum profit Sharing distribution of a percentage of a firms profit among its employees. employee benefits * benefits are rewarded in addition to regular compensation that can be provided to the employee types of benefits some employers may offer: pay for time not worked vacation, holidays, Sick leave insurance packages health life dental insurence pension retirement cost may be shared or fully paid by employer Other benefits tuition, child care, company cafe, exercise rooms, stock options, Special benefits to US military reserves called to active duty. only benefits required by law: Workers compensation, Unemployment insurance