Thesis Employee Compensation

Thesis Employee Compensation-73
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The bottom line Each form of compensation comes with its pros and cons, but you may find that one works better for you.

It's also important to consider your desired job field and the type of work you'll be doing before deciding whether salary or hourly pay will provide the fairest compensation for your efforts.

It's not guaranteed, so if you choose an hourly position, make sure it's part of your contract.

If you're in a well-compensated field with lots of overtime, you could make more than if you earned the same official pay on a salaried basis.

Also, under the Affordable Care Act employers with 50 or more employees are only required to provide health insurance to employees who work 30 or more hours a week.

Some businesses may cut employee hours to fewer than 30 per week to avoid paying for insurance.

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.

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.


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