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Essay / Salary and Compensation Determination - 2833
The primary intent of this essay is to determine whether salaried and salaried workers are paid based on market value, state decrees, or operational needs of the company, etc. Indeed, Roberts (1972) suggested that labor cost associated with pay issues may be a factor in determining pay, for example, depending on a company's legal regulations and policy environments. specific country, dimensional vision of the workforce and government decisions. organization within senior management. Why is compensation an important issue for workers, employers and governments? Certainly, salary is one of the most important determinants of benefits paid to those who work and earn a living. So, to enable readers to understand the issue better, the explanation on the key term, salary, will be the first and most important. Generally, "wages" can refer to the wages and treatment of labor, such as the return for effort expended in work tasks. Referring to the Oxford English Dictionary, “to pay” has several explanations, and the most relevant will be “…to give to someone money that is owed for work done, goods received, or a debt incurred…” (Oxford University Press, 2011).Furthermore, from an economic perspective, there are four types of production factors, namely land, labor, capital and entrepreneurship, which function to describe the supply of resources and are used to create goods and services (Lipsey and Chrystal, 1999; Vengedasalam and Madhavan, 2007). In more specific terms, derived from the above terms, "work", combined with the remuneration conditions, this can be deciphered that the labor forces have been charged and received their wages and salaries for the labor services they provided to the company. employers. Like Edwa...... middle of article......: In his young age, as reported by Kahn-Freund (1954 cited in Dickens and Hall, 2003, p.125), he cited that by a comment by a leading academic lawyer on the limited role of British employment law in the period from 1870 to the 1960s, because "there is perhaps no large country in the world in which the law played a less important role in shaping industrial relations than in Britain and in which today law and the legal profession have less to do with industrial relations'. Although such statements confirmed that legislation at the time was not comprehensive enough to cover industrial relations issues, it implied that laws could play a vital role in this area and have increasingly significant impacts on as more and more areas were covered. Thus, the following will discuss the modalities of state intervention directly and indirectly..