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5 Wage Types and How They Affect Your Employees

Employee compensation encompasses various wage types such as minimum, prevailing, tipped, living, and fair wages, each with unique compliance risks and impacts on businesses and employees. Click here for article.

  • Minimum Wage: Mandated at federal, state, or local levels, violating minimum wage laws can lead to severe penalties and legal consequences.

  • Tipped Employee Wage: Involves complexities such as tip credits and variations across industries and jurisdictions, requiring careful payroll management and compliance checks.

  • Living Wage: Not regulated but sets a standard for sustaining a basic quality of life, influencing policy debates and organizational dynamics.

  • Prevailing Wage: Required for government contracts, ensuring contractors pay workers fair rates determined by government standards.

  • Fair Wage: Encompasses multiple factors like market rates and working conditions, aiming for equitable compensation aligned with labor value and economic realities.

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