Thesis Employee Compensation

Thesis Employee Compensation-12
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You can't negotiate whether your job is exempt or nonexempt.

In May 2016, the Department of Labor (DOL) more than doubled the salary threshold for exempt employees to $47,467 and made other changes.

If your employer wants you to work more time, they have to pay you for it.

As mentioned earlier, the overtime rate is currently set at time-and-a-half your normal hourly rate, but many employers pay double time for holidays.

Benefits of salaried pay A salaried employee is paid regularly and at the same rate at each pay period.

Regardless of whether you work 40 or 30 hours or if your company is closed for the holidays, you will be paid. Full-time salaried employees are also more likely to receive benefits, including health care, retirement contributions and paid vacation time.Google’s achievements as a technology company over the last decade are remarkable.The company started as a college project and is now a leading global player in the IT sector.Non-exempt employees are entitled to overtime pay, which is defined as time-and-a-half your pay rate if you work more than 40 hours in a single workweek. Exemption is currently determined by whether an employee makes at least 5 per week (,660 per year), is paid on a salaried basis and performs duties considered to be exempt.For example, if you perform any managerial duties, you are automatically exempt and your employer doesn't have to pay you overtime wages.Disadvantages of salaried pay While hourly employees are often limited in the amount of time they work each week, salaried employees often work after hours or extra hours during the day regardless of how many hours they have worked that week already.There is no cap and no additional compensation for more work.Salaried employees are paid a set amount each year, while hourly employees are paid for the exact amount of time they work. To determine which form of compensation is best for you, consider the following: FLSA exemption rules Most jobs in the U. are governed by the Fair Labor Standards Act (FLSA).Employees whose jobs are governed by the FLSA are divided into two categories: exempt and nonexempt.Hourly employees are also often able to achieve better work-life balance than salaried employees.They don't typically take work home with them because they won't be paid once they leave their job site.

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