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Chapter 6 Pay, Benefits, and Working Conditions

Chapter 6

Pay, Benefits, and Working Conditions
Pay, Benefits, and
Working Conditions

Gross Pay, Deductions, and Net Pay

Gross pay -- Amount earned for work

Hourly wages = Hours worked x pay rate

Overtime hours worked over the normal work week

Gross Pay, Deductions, and Net Pay

Salary Amount earned for work

Deductions amounts withheld from salary for taxes, insurance and other benefits

Net Pay Take-home pay

Net Pay = Gross pay - Deductions

Pay Rates

Salary employee is paid the same

amount regardless of hours worked

Hourly employee is paid for each hour

worked

Piecework employee is paid for each unit produced Commission employee is paid a percent of sales made

Deductions

Federal Income Tax State Income Tax

FICA

Medicare

(self-employment

tax)

Other Deductions

Credit union

Insurance

Union dues Retirement

Benefits and Incentives

Profit sharing employees receive a portion of

the company’s profits each year (incentive

pay)

Paid vacations/holidays while you are on

vacation, you are paid as usual

Employee Services free parking, tuition reimbursement, wellness programs,

recreational programs

Child Care on-site facilities, reimbursements for expenses

Benefits and Incentives

Sick Pay 3-10 days paid for sick leave

Leaves of Absence allows employees to temporarily leave their jobs for certain

reasons (complete education, important events) Insurance

Medical

Dental

Vision

Life

Benefits and Incentives

Bonuses and Stock Options bonuses

are based on quality of work, years of

service, sales, profits stock options

gives employees the right to buy a set

number of shares at a fixed price

Pension and Savings Plans pension is completely funded by the employer

401(k) or 403(b) contributions are made

by employee and employer

Travel Expenses hotel, meal, travel,

car,miles

Flexible work Arrangements

Altered work week

Flextime employees choose working hours within defined limits (core time periodall

employees must be at work)

Compressed work week employees work

a 40 hour week in fewer days (4 10-hour days)

Job rotation employees are trained to do more than one job so that they can

rotate from one job to another

Flexible Work Arrangements

Job sharing two people share one full- time position they often split work days and benefits offered Permanent Part-time employees work less than 40 hours each week often with

no benefits Telecommuting Employees work

mostly from home but “check in” at the

office as needed

Labor Unions

Labor union a group of people who work in the same or similar occupation organized for the benefit of the group Collective bargaining process of negotiating terms of employment for

union members

Seniority the last workers hired will be the first to be let go if layoffs are

necessary

Main Functions of Unions

Recruit members

Negotiate working conditions (pay, benefits, etc.)

Offer member services (insurance, discounts, legal advice relating to the job)

Lobby (to benefit members interests)

Types of Unions

Craft unions practice a craft or trade such as bricklayers, carpenters, ironworkers

Industrial unions -- skilled, semiskilled workers in a particular industry (auto

workers, Teamsters, steelworkers)

Public-employee unions municipal, county state workers (teachers, road

workers, firemen, police)

Professional Organizations

One particular occupation

Collect dues

Requires training and specialized skills

Lobbying

Administer exams, and admission

requirements to maintain professional standards.

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