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A pension is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular installments for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment prior to retirement.
The National Labor Relations Act of 1935 is a foundational statute of United States labor law that guarantees the right of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes. Central to the act was a ban on company unions. The act was written by Senator Robert F. Wagner, passed by the 74th United States Congress, and signed into law by President Franklin D. Roosevelt.
Employment is a relationship between two parties, usually based on contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee. Employees work in return for payment, which may be in the form of an hourly wage, by piecework or an annual salary, depending on the type of work an employee does or which sector they are working in. Employees in some fields or sectors may receive gratuities, bonus payment or stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits can include health insurance, housing, disability insurance or use of a gym. Employment is typically governed by employment laws, organisation or legal contracts.
United Kingdom labour law regulates the relations between workers, employers and trade unions. People at work in the UK benefit from a minimum charter of employment rights, which are found in various Acts, Regulations, common law and equity. This includes the right to a minimum wage of £8.21 for over-25-year-olds under the National Minimum Wage Act 1998. The Working Time Regulations 1998 give the right to 28 days paid holidays, breaks from work, and attempts to limit excessively long working hours. The Employment Rights Act 1996 gives the right to leave for child care, and the right to request flexible working patterns. The Pensions Act 2008 gives the right to be automatically enrolled in a basic occupational pension, whose funds must be protected according to the Pensions Act 1995.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal United States tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:
United States labor law sets the rights and duties for employees, labor unions, and employers in the United States. Labor law's basic aim is to remedy the "inequality of bargaining power" between employees and employers, especially employers "organized in the corporate or other forms of ownership association". Over the 20th century, federal law created minimum social and economic rights, and encouraged state laws to go beyond the minimum to favor employees. The Fair Labor Standards Act of 1938 requires a federal minimum wage, currently $7.25 but higher in 28 states, and discourages working weeks over 40 hours through time-and-a-half overtime pay. There are no federal or state laws requiring paid holidays or paid family leave: the Family and Medical Leave Act of 1993 creates a limited right to 12 weeks of unpaid leave in larger employers. There is no automatic right to an occupational pension beyond federally guaranteed social security, but the Employee Retirement Income Security Act of 1974 requires standards of prudent management and good governance if employers agree to provide pensions, health plans or other benefits. The Occupational Safety and Health Act of 1970 requires employees have a safe system of work.
The term job lock is used to describe the inability of an employee to freely leave a job because doing so will result in the loss of employee benefits. In a broader sense, job lock may describe the situation where an employee is being paid higher than scale or has accumulated significant benefits, so that changing jobs is not a realistic option as it would result in significantly lower pay, less vacation time, etc.
Employee benefits and benefits in kind include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing furnished or not, with or without free utilities; group insurance ; disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation ; social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants); and other specialized benefits.
The Committee on Education and Labor is a standing committee of the United States House of Representatives. There are 50 members in this committee.
Pensions in the United States consist of the Social Security system, public employees retirement systems, as well as various private pension plans offered by employers, insurance companies, and unions.
The House Subcommittee on Workforce Protections is a standing subcommittee within the United States House Committee on Education and Labor.
Title 29 of the United States Code is a code that outlines labor regulations in the United States.
Bradford P. Campbell was the Assistant Secretary for Employee Benefits Security of the United States Department of Labor (DOL), the official in charge of the Employee Benefits Security Administration (EBSA). Mr. Campbell was nominated by President George W. Bush as Assistant Secretary on May 3, 2007, and was unanimously confirmed by the United States Senate on August 3, 2007. He held the position until January 20, 2009. Prior to his confirmation as Assistant Secretary, Mr. Campbell had served as Acting Assistant Secretary since October 30, 2006 and as EBSA's Deputy Assistant Secretary for Policy since March 5, 2004.
Iranian labor law describes the rules of employment in Iran. As a still developing country, Iran is considerably behind by international standards. It has failed to ratify the two basic Conventions of the International Labour Organization on freedom of association and collective bargaining, and one on abolition of child labor. Countries such as the US and India have also failed to ratify many of these Conventions and a mere 14 other Conventions, only 2 since the Islamic Revolution.
Indian labour law refers to laws regulating labour in India. Traditionally, Indian government at federal and state level have sought to ensure a high degree of protection for workers, but in practice, this differs due to form of government and because labour is a subject in the concurrent list of the Indian Constitution.
Phyllis C. Borzi was the Obama administration's Assistant Secretary for Employee Benefits Security of the United States Department of Labor, the official in charge of the Employee Benefits Security Administration.
A whistleblower is a person who exposes any kind of information or activity that is deemed illegal, unethical, or not correct within an organization that is either private or public. The Whistleblower Protection Act was made into federal law in the United States in 1989.
The Ministry of Human Resources, abbreviated MOHR, is a ministry of the Government of Malaysia that is responsible for skills development, labour, occupational safety and health, trade unions, industrial relations, industrial court, labour market information and analysis, social security.
The American Benefits Council (the Council) is a national trade association based in Washington, D.C. that advocates for employer-sponsored benefit plans. The Council's members represent the private employee benefits community and either sponsor directly or provide services to retirement and health benefit plans both nationally and internationally.
The Workplace Democracy Act is a proposed US labor law, that has been sponsored by Bernie Sanders and re-introduced from 1992 to 2018. Among its different forms, it would have removed obstacles to employers making collective agreements, established an impartial National Public Employment Relations Commission to support fair collective bargaining, required that pensions plans are jointly managed by employee and employer representatives, changed the definition of an "employee" to ensure every person who works for other people has labor rights, and repeal all "right to work" laws.
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- ↑ Sablan is an Independent, but caucuses with the Democrats.