Severance pay refers to a type of wage that employees pay to employees they have to let go. The amount of severance pay an employee receives usually coincides with the number of years they've worked at the company. For example, an employee who worked for a company for three years would likely get three weeks of severance pay to help their transition. Prevailing wage is a type of wage employers typically used in government contracting between government agencies and outside businesses.
In this situation, the U. Department of Labor has a variety of data to help determine recommended payments for contractual workers. This is important to understand, as prevailing wage may differ depending on the state in which a professional works contractually with the government.
These jobs may receive prevailing wage:. Living wage refers to the least amount of money an employer can offer to an employee.
Living wage is different from minimum wage because employers don't have to follow legal guidelines like they would if they offered minimum wage to employees. Review these examples of jobs that may receive living wage:. Minimum wage refers to a set hourly rate decided upon by the U. Department of Labor. This figure varies depending on the state an individual works in. Here are some examples of jobs that offer minimum wage:. Related: Minimum Wage vs. Bonuses refer to cash compensation an employer provides to an employee for producing good work.
Bonuses don't factor into salaried or hourly earnings and aren't guaranteed to employees. This type of wage usually acts as an incentive for employees to reach a certain level of productivity. These types of roles typically have the chance to earn bonuses:. Paid time off PTO is a form of an accrued wage that allows employees to earn paid time off for each day, week or other set time figure they work. For example, for each employee that works a full week, they receive 8 hours of PTO.
Review these examples of jobs that may receive PTO:. Find jobs. Company reviews. Find salaries. Upload your resume.
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According to the Fair Wage Network , These practices include:. This Employment Law News blog is intended for market awareness only, it is not to be used for legal advice or counsel.
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The company is headquartered in St. Paul, Minn. The GovDocs Poster Store simplifies posting compliance for employers with less than 30 locations across all industries, offering a variety of posting products to meet your labor law compliance needs. Check out the definitions of each wage below to better understand how they may affect employees. Minimum Wage Minimum wage is the most widely recognized term in the realm of employee compensation.
Prevailing Wage Prevailing wage typically refers to the rate of pay contractors and vendors must offer their employees when doing business with a government agency.
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