An act that raised the federally mandated minimum wage in three increments, eventually fixing the rate at $7.25 per hour in July 2009. The Act amended the Fair Labor Standards Act of 1938.
A pension plan allowing self-employed business owners to make contributions toward their own retirement plans and to their employees retirement plans. Contributions are made directly to an individual retirement account set up for each employee (a SEP-IRA) and there the contributions accumulate tax-deferred until withdrawn.
Time off work due to illness or injury.
Money paid to an employee who is laid off, fired or leaves by mutual agreement. Employers are not generally required to offer severance pay, although a few states require some severance pay for employees who lose their job in a plant closing or large layoff. Employers may also be obligated to provide severance pay if they promised to do so in an employment contract or employee handbook.
An abbreviation for qualified domestic relations order. See qualified domestic relations order.
(per dee-um) Latin for "per day," per diem refers to payment of a set amount for each day's expenses for an employee or agent. Typically, a per diem is available only for travel away from home. For example, someone who goes on an overnight business trip for an employer might receive a per diem of $50 to cover meals and incidentals on the trip.
An amendment to the Age Discrimination in Employment Act (ADEA), the OWBPA is a federal law that requires employers to offer older workers (those who are at least 40 years old) benefits that are equal to or, in some cases, cost the employer as much as, the benefits it offers to younger workers. The OWBPA also sets minimum standards for an employee waiver of the right to sue for age discrimination, designed to ensure that the waiver is knowing and voluntary.