Remuneration in the context of "Employee"

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⭐ Core Definition: Remuneration

Remuneration is the pay or other financial compensation provided in exchange for an employee's services performed (not to be confused with giving (away), or donating, or the act of providing to). Remuneration is one component of reward management. In the UK, it can also refer to the automatic division of profits attributable to members in a Limited Liability Partnership (LLP).

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Remuneration in the context of Amateur sports

Amateur sports are sports in which participants engage largely or entirely without remuneration. The distinction is made between amateur sporting participants and professional sporting participants, who are paid for the time they spend competing and training. In the majority of sports which feature professional players, the professionals will participate at a higher standard of play than amateur competitors, as they can train full-time without the stress of having another job. The majority of worldwide sporting participants are amateurs.

Sporting amateurism was a zealously guarded ideal in the 19th century, especially among the upper classes, but faced steady erosion throughout the 20th century with the continuing growth of pro sports and monetisation of amateur and collegiate sports, and is now strictly held as an ideal by fewer and fewer organisations governing sports, even as they maintain the word "amateur" in their titles.

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Remuneration in the context of Unpaid work

Unpaid labor or unpaid work is defined as labor or work that does not receive any direct remuneration. This is a form of non-market work which can fall into one of two categories: (1) unpaid work that is placed within the production boundary of the System of National Accounts (SNA), such as gross domestic product (GDP); and (2) unpaid work that falls outside of the production boundary (non-SNA work), such as domestic labor that occurs inside households for their consumption. Unpaid labor is visible in many forms and is not limited to activities within a household. Other types of unpaid labor activities include volunteering as a form of charity work and interning as a form of unpaid employment. In a lot of countries, unpaid domestic work in the household is typically performed by women, due to gender inequality and gender norms, which can result in high-stress levels in women attempting to balance unpaid work and paid employment. In poorer countries, this work is sometimes performed by children.

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Remuneration in the context of Employee stock option

Employee stock options (ESO or ESOPs) is a label that refers to compensation contracts between an employer and an employee that carries some characteristics of financial options.

Employee stock options are commonly viewed as an internal agreement providing the possibility to participate in the share capital of a company, granted by the company to an employee as part of the employee's remuneration package. Regulators and economists have since specified that ESOs are compensation contracts.

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Remuneration in the context of Fee

A fee is the price one pays as remuneration for rights or services. Fees usually allow for overhead, wages, costs, and markup. Traditionally, professionals in the United Kingdom (and previously the Republic of Ireland) receive a fee in contradistinction to a payment, salary, or wage, and often use guineas rather than pounds as units of account. Under the feudal system, a Knight's fee was what was given to a knight for his service, usually the usage of land. A contingent fee is an attorney's fee which is reduced or not charged at all if the court case is lost by the attorney.

A service fee, service charge, or surcharge is a fee added to a customer's bill. The purpose of a service charge often depends on the nature of the product and corresponding service provided. Examples of why this fee is charged are: travel time expenses, truck rental fees, liability and workers' compensation insurance fees, and planning fees. UPS and FedEx have recently begun surcharges for fuel.

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Remuneration in the context of Involuntary servitude

Involuntary servitude is a legal and constitutional term for a person laboring against that person's will to benefit another, under some form of coercion, to which it may constitute slavery. While labouring to benefit another is generally synonymous with the condition of slavery, involuntary servitude does not necessarily connote the complete lack of freedom experienced in chattel slavery; involuntary servitude may also refer to other forms of unfree labour. Involuntary servitude is not dependent upon compensation or its amount. Prison labour is often referred to as involuntary servitude. Prisoners are forced to work for free or for very little money while they carry out their time in the system.

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Remuneration in the context of Minimum wage

A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by automating job functions. Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as the cost of living, regional economic conditions, and industry-specific factors.

The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power over them. Over time, minimum wages came to be seen as a way to help lower-income families. Modern national laws enforcing compulsory union membership which prescribed minimum wages for their members were first passed in New Zealand in 1894. Although minimum wage laws are now in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. Additionally, minimum wage policies can be implemented through various methods, such as directly legislating specific wage rates, setting a formula that adjusts the minimum wage based on economic indicators, or having wage boards that determine minimum wages in consultation with representatives from employers, employees, and the government.

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Remuneration in the context of Participatory economics

Participatory economics, often abbreviated parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society. In the system, the say in decision-making is proportional to the impact on a person or group of people. Participatory economics is a form of a socialist decentralized planned economy involving the collective ownership of the means of production. It is a proposed alternative to contemporary capitalism and centralized planning. This economic model is primarily associated with political theorist Michael Albert and economist Robin Hahnel, who describes participatory economics as an anarchist economic vision.

The underlying values that parecon seeks to implement are: equity, solidarity, diversity, workers' self-management, efficiency (defined as accomplishing goals without wasting valued assets), and sustainability. The institutions of parecon include workers' and consumers' councils utilising self-managerial methods for decision-making, balanced job complexes, remuneration based on individual effort, and wide decentralized planning. In parecon, self-management constitutes a replacement for the mainstream conception of economic freedom, which Albert and Hahnel argue by its very vagueness has allowed it to be abused by capitalist ideologues.

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Remuneration in the context of Gender pay gap

The gender pay gap or gender wage gap is the average difference between the remuneration for men and women who are employed. Women are generally found to be paid less than men. There are two distinct measurements of the pay gap: non-adjusted versus adjusted pay gap. The latter typically takes into account differences in hours worked, occupations chosen, education and job experience. In other words, the adjusted values represent how much women and men make for the same work, while the non-adjusted values represent how much the average man and woman make in total. In the United States, for example, the non-adjusted average woman's annual salary is 79–83% of the average man's salary, compared to 95–99% for the adjusted average salary.The reasons for the gap link to legal, social and economic factors. These include having children (motherhood penalty vs. fatherhood bonus), parental leave, gender discrimination and gender norms. Additionally, the consequences of the gender pay gap surpass individual grievances, leading to reduced economic output, lower pensions for women, and fewer learning opportunities.

More recently, other factors (such as the burden of healthcare costs) have been incorporated in to the measurement of the adjusted pay gap. The World Bank has said that the gap increases even further when taking in to account these factors, and that previous studies may have under-estimated the size of the gender pay gap.

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