Legal and finance Assignment Example | Topics and Well Written Essays - 1000 words

Legal and finance - Assignment Example ed with a minimum economic wage and the number of the hours worked in the day should be compensated in the form of overtime if it surpasses the standard working hours. The government sets the minimum wage, and any private or public sector must conform to it. Payment of extra hours worked should be more than the usual working rate. These legislations are provided for by the fair labor standards act administered by the wage and hour division department in the federal system. Workers are also entitled to safety working conditions at workplaces. This law is provided for by the fed under occupational and safety health Act (OSHA). The employees should only work with a free harmful environment, and the organization should take responsibility whenever a person is injured in the cause of duty. The department monitors this by inspections of various firms and ensures that all employees are safe. The federal act also provides for family and medical leave which is unpaid. Hence, employees can always attend to cases of serious health, allow women to give birth and take care of the young ones and any other family responsibility that may befall them. Any organization that does not comply with these laws and denies employee their accessibility is subject to prosecution in a court of justice. Ways on how the salary is arrived at or determined. It should be based on duties, experience, educational investment of the employee and any other relevant factor that may require compensation. This factor prevents exploitation of the employee. However, the compensation of workers must be of market wage rate and employees should be contented with it. Since the organization is trading in a competitive market, demanding of high salaries and more benefits would do a great harm and the employee’s jobs will not be protected (Vargas & Noruzi,2011).. The organization will experience a high costs in operations that may force the firm to lay off workers, or the company may quit operations since