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A pay scale (also known as a salary structure) is a system that determines how much an employee is to be paid as a wage or salary, based on one or more factors such as the employee's level, rank or status within the employer's organization, the length of time that the employee has been employed, and the difficulty of the specific work performed.
Salary can also be considered as the cost of hiring and keeping human resources for corporate operations, and is hence referred to as personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. [1] A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed.
Trade unions generally seek to reduce wage dispersion, the differences in wages between workers doing the same job. [3] Not all unions are successful, however. A 2008 study of collective bargaining agreements in the United States found that 25% of the union contracts surveyed included a two-tier wage system. [3]
This is employment in which a free worker sells their labour for an indeterminate time (from a few years to the entire career of the worker), in return for a money-wage or salary and a continuing relationship with the employer which it does not in general offer contractors or other irregular staff.
An income bracket is a category of people whose income falls within defined upper and lower levels. [1] [2]In governmental planning, entire populations are divided into income brackets.
For example, John, a married 44-year-old who has two children, earned a gross salary of $100,000 in 2007. He contributes the maximum $15,500 per year to his employer's 401(k) retirement plan, pays $1,800 per year for his employer's family health plan, and $500 per year to his employer's Flexfund medical expense plan. All of the plans are ...
The Australian Salary Packaging Industry Association [7] is the professional body for outsourced salary packaging service providers. The Australian Taxation Office [ 8 ] administers Fringe Benefits Tax and the FBT Exemptions that facilitate salary packaging for employees of not-for-profit healthcare organisations and public benevolent institutions.
A criticism levelled against the Hay Guide Chart is that the choice of factors is skewed towards traditional management values: "The Hay system consistently values male-dominated management functions over non-management functions more likely to be performed by women.” [2]