Wages are the financial compensation you receive for providing labor or services. They can also be called salary, compensation, or pay. In the United States, wages are set by negotiations between employers and employees, or by a collective bargaining agreement.
Employers must ensure that their wages comply with the minimum wage laws of their state, and that they are properly handling payroll deductions in accordance with laws and regulations.
Typically, wages are usually paid hourly or weekly, but may also be paid bi-weekly or twice per month. When you receive your wages, your employer is legally required to provide an itemized statement, explaining how your wages are calculated, as well as any deductions that were taken.
Government Regulations and Wage Requirements
In addition to minimum wage laws, other government regulations may also apply to wages, including overtime laws and workers’ rights to rest, meal, and holiday pay.
Employers must also reimburse employees for all lawful business expenses they incur while performing their job duties. This is known as wage reimbursement. Lastly, employers must meet all requirements for leaving wages and garnishments.
No Wage Is Too Small
No matter how little a wage may be, employers must still provide their employees with accurate payments. The U.S. Department of Labor is responsible for overseeing and enforcing various wage-related regulations, and employers who violate the law may face legal action and stiff penalties.
Overall, wages are a form of compensation provided by employers in exchange for the work of their employees. By understanding the regulations applicable to wage payments, employers can ensure they are in compliance with the law and remain in good standing with their employees.