Need help with my writing homework on Wage and Benefits in the USA. Write a 1250 word paper answering;
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Need help with my writing homework on Wage and Benefits in the USA. Write a 1250 word paper answering; On the other hand, employee benefits entail various non-wage compensation types that organizational employees are provided in addition to their salaries and normal wages. In a situation where an organizational employee wishes to exchange wages in terms of cash for a different form of benefit then that is known as a salary packaging (Addison, 2009). Examples of benefits include:- disability income protection, housing benefits, retirement benefits, group insurance such as dental, health and life, sick leave, tuition reimbursement, profit sharing, education funding, vacation either paid or non-paid, and other specialized benefits. In most cases, employee benefits help in increasing the economic security of the organizational members. By doing this, it helps in improving worker retention in the organization (Addison, 2009).
The minimum wage is generally the lowest daily, monthly, and even hourly remuneration which the organization employers may legally pay to its employees. In simple terms, the minimum wage remains the lowest wage in which organizational workers may sell his/her labor to the company (Addison, 2009).On the other hand, standards of living entail wealth and comfort levels, necessities available, and material goods that are available to a particular socio-economic class in a given geographic area. Generally, standards of living include aspects such as employment availability, income, poverty rate, class disparity, inflation rate, gross domestic product, affordability of housing, life expectancy among others (Hirsch, 2011).
In the United States, the standards of living and the minimum wage is determined by the government and is set at the state and federal levels. In this case, each state determines the option at which it would set its minimum wage equal or higher to the federal level. In determining the minimum wage law, in most cases, the government focuses on various key areas including political.
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