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disadvantages of set pay scale

Federal law exempts some employees from having to be paid overtime. This week, you are required to write an essay on the following Method # 1. This is the process of setting the pay scale for specific jobs or types of jobs. SELECT * FROM Employee WHERE Salary > 3000 AND Salary < 6000. Some systems set base pay at about 80 percent of the possible compensation under the variable system. Although you may not realize it, there’s more to the question of how to pay your employees than just considering the benefits of being salaried vs. hourly. It is important that sales managers learn to combine salary, commission, bonuses, and benefits so that … For example, if the median salary for a range is $50,000, then it has a minimum of $40,000 (i.e., 80% of $50k) and a maximum of $100,000 (i.e., 200% of $50k). For example, an hourly worker that you pay $12 per hour is paid $18 per hour for each hour worked over 40 hours. The Advantages of a Salary Range. You must have JavaScript enabled to use this form. Some disadvantages of salary packaging are: Developing the list of items that can be salary packaged and communicating this to staff. Their hourly pay plus their tips must be at least equal to the federal minimum wage of $7.25 per hour. Most salaried employees are also exempt, which means you are not required to pay them overtime if they work more than 40 hours per week, according to the Fair Labor Standards Act. Variable pay systems link a percentage of a position’s pay to defined performance and accomplishment targets.How the system usually works: You establish a base pay rate and define group and individual objectives as a variable salary component. United States Department of Labor: Fact Sheet #15: Tipped Employees Under the Fair Labor Standards Act (FLSA). Your employee must also be an executive, an administrative employee, a learned professional, a creative professional, a computer employee or an outside sales professional. This is the best face-saving way for an organization to collapse salary ranges and supporting de-layering. Being a salaried worker has its benefits. Please consider the following SQL Query. In some states, the minimum wage is higher, and your salaried employees must be paid at least the same as minimum wage in your state. Fundera: Wage Rules: How Much Should I Pay My Employees? Other states require a 15-minute break for every four hours worked. Save my name, email, and website in this browser for the next time I comment. A salaried employee is an employee who is paid a set amount per year. Each category of an exempt employee has its qualifications. Learn more about her and her work at thatmelinda.com. Salary pay … ~ Get Rich Slowly. Companies usually exempt salaried employees from being entitled to receiving overtime. Always weigh up the pros and cons of each. Your employees approach work in much the same way. The advantages of salaried employment for your employees may outweigh the disadvantages of a salaried position, though. Basic-rate systems pay workers a fixed amounton an hourly, weekly or monthly basis. Occasional long weeks may not bother your salaried workers, but consistent 50-hour weeks may eventually bother them. Chances are, when you started your business, it wasn’t just for the money. A learned professional must do intellectual work in science or education. In other words, you get paid the same amount, whether you work 40 or 80 hours in a week. This can lead to a host of financial consequences that can harm your … The first step in deciding whether to pay your employees a salary or an hourly wage is to determine exactly what each of your employees will do. The reality is that your accountants are probably already very busy people, and a salary sacrifice program can take a lot of work to manage. An executive, for example, must oversee at least two full-time or full-time-equivalent employees and have the authority to make hiring decisions. Overtime pay is usually 50 percent higher or more. For a salaried employee to be exempt, you must pay the employee at least $23,600 per year, which is based on the federal minimum wage. In Minnesota, for example, you must provide time to use the restroom at least once during every four hours your employee works. The following other incentives can also play a part: You will need to find the right system or combination of systems to suit your business. There may be times where you need your employees to work more than 40 hours per week, and you aren’t required to pay them overtime. They will fail to fully explain their products or services to potential customers. nibusinessinfo.co.uk, a free service offered by Invest Northern Ireland, is the official online channel for business advice and guidance in Northern Ireland. The only federal law that addresses full-time employment is the Affordable Care Act. Since there are no (monetary) incentives to work harder, a non-competitive environment may tempt employees to become complacent, limiting the company’s growth. You may want to use a computerized time clock system to ensure you’re paying your employees accurately, including the appropriate amount of overtime pay when required. You may require your salaried employees to work a minimum of 40 hours each week, or you may require them to work as much or as little as they need to complete the work you require. Understanding the Advantages and Disadvantages of a Monthly Salary or Hourly Employees for Business Owners Micheal September 25, 2019 2019-09-25T11:48:01+08:00 Business No Comment Businesses world over have different types of expenses and costs that they have to bear in the course of their operations. The main disadvantage of being paid hourly from an employee’s perspective is that the pay can vary. Most states require that you pay employees for rest breaks that are less than 20 minutes. There may be a minimum of 32 hours per week or 35 hours per week, for example. For an employee to be exempt from the requirement to be paid overtime pay in California, you must pay that employee at least $45,760. nibusinessinfo.co.uk The main advantage is a predictable paycheck. 5. They can still require salaried employees to work as long as it takes to get the job done. The disadvantage of these different expatriate compensation method is that a car may not be enough to solve the financial needs. A creative professional must do work that requires imagination, originality and talent in an artistic field. Explain its characteristics and the advantages to using this type of framework? Some disadvantages of straight salary compensation may include reduced retention and high turnover if employees don’t see opportunities to increase their pay. If you’re uncertain as to which category your employees fall into, you may want to consult a lawyer who specializes in employment law. The Fair Labor Standards Act classifies some employees, such as certain professionals and executives, as exempt, meaning they are not covered by laws governing overtime pay. Disadvantages of salary pay Per federal law, businesses have to pay hourly employees overtime for hours worked in excess of 40 hours per week. Belfast BT2 7ES Most positions will qualify as exempt or nonexempt based on their responsibilities. If your business demand varies, you may benefit from the flexibility of hourly employees. You don’t have to pay them for the meal break, though. In grade-based ranges, you take all the individual ranges and group them into grades which are easier to administer and track. Your state may have different regulations regarding overtime pay, and you can opt to pay your employees more than the minimum overtime. 아이폰 대용량 파일 There are a few methods commonly used to determine global expatriate compensation. When you’re considering the appropriate pay structure for your employees, it’s important to take into account other benefits you may offer, like health insurance and paid time off. Compatibility across the advantages and disadvantages of questionnaires job analysis of what the risk factor associated with small. Hourly employees are paid a higher hourly wage once the employee works a certain amount of hours in a week, typically 40. Instead of generating a sale, they can discourage people from buying their offerings. Do salaried employees have to work 40 hours a week? This is constant for every year but, after 6th CPC 3% of increment is admissible in … Highly motivated salespeople can earn a lot of money, but in some cases, they can become too focused on the commission. Salary sacrifice programs can be complex to implement. For example, you may choose to pay a company executive or partner a salary of $100,000. In some cases, salaried employees can be eligible for overtime. "Nonexempt" employees, on the other hand, usually work for hourly wages and are therefore entitled to overtime pay for hours worked above 40 per week. At a restaurant in a business district, for example, you may schedule more employees during lunchtime than dinner to accommodate business lunches. However, there are advantages and disadvantages to receiving a salary versus dividends for business owners. When you select a pay-rate system, you are choosing how you will reward your workers. This only applies to applicable large employers, which is an employer with 50 full-time employees or more. Broadbanding reduces the number of levels or layers within a company. Incentive schemes can help to generate in workers a long-term interest in the success of the organisation. Quick Links: These are simple to operate but do not offer many incentives to workers. There are several advantages and disadvantages of a minimum wage for workers to review when looking at the effects of a guaranteed income when employment on society as a whole. Several minimum wage laws in the U.S. are set to make this wage become $15 per hour by the year 2023. The same goes for overly … For more information on how we use your data, read our privacy policy. That’s motivation, of course, but you may have wanted more flexibility and to do work that you genuinely enjoy. Per federal law, overtime pay is 1.5 times their regular hourly rate. The main disadvantage to being paid a salary for your employees is not having access to overtime. If a tipped employee is being paid the minimum of $2.13 per hour and works more than 40 hours, then that employee must be paid at least $3.20 per hour for each hour worked over 40 hours. The main disadvantage to being paid a salary for your employees is not having access to overtime. An administrative employee must primarily do office or other non-manual work that supports your company. Your employee is also entitled to tips earned while working overtime. Whether you pay your employees a salary or an hourly wage is determined by the type of work that they do. Although there is flexibility in most job descriptions, you should still have a clearly defined role and set of responsibilities for each staff member. She specializes in business, personal finance, and career content. For example, you must pay an hourly worker overtime pay if she works more than 40 hours per week. There may be times where you need your employees to work more than 40 hours per week, and you aren’t required to pay them overtime. According to a Department of Labor doctrine known as the Fair Labor Standards Act (FLSA), hourly employees eligible for overtime are classified as "non-exempt," while hourly workers ineligible for overtime pay are classified as "exempt. Any business that engages in interstate commerce is required to follow federal regulations for overtime. It also gives these employees a sense of stability. Job market expectations also determine the pay structure for your employees. An outside sales professional regularly engages in sales outside her workplace. The main disadvantage is that you will have to pay extra for overtime or for work on holidays. By this pay scale, postmen officials were able to get Rs.75/ (or) 80/-as annual increment amount. Hourly vs. Salary Pay . The following are the most common methods used to establish pay scales: The going rate: You determine what other businesses in your industry and region are paying for similar jobs, and structure your pay accordingly. If an employee receives more than $30 in tips per month, then that employee is a “tipped employee” under the FLSA. Advantages: Disadvantages: The value of the job is expressed in monetary terms. You set the schedule for hourly employees, and you may have full-time hourly employees, part-time hourly employees or both. Whichever way you go, make sure you’re abiding by the legal requirements of your state and federal labor law. Now that being said, this payment method does come with drawbacks. IRS: Determining if an Employer is an Applicable Large Employer, IRS: Employer Shared Responsibility Provisions, Minnesota Department of Labor and Industry: Work Breaks, Rest Periods, United States Department of Labor: Questions and Answers About the Fair Labor Standards Act (FLSA), United States Department of Labor: Fact Sheet #17A, U.S. Department of Labor: Breaks and Meal Periods, Fact Sheet #17G: Salary Basis Requirement and the Part 541 Exemptions Under the Fair Labor Standards Act (FLSA) | U.S. Department of Labor, Hourly vs. salary: Which is better? A salary range is a part of a structured pay system in which pay is based on the educational and experiential requirements for a given job. Variable or incentive schemes are where all or part of a worker's pay is based on performance, skills, results and/or profits. For example, in California, you must provide workers with a 30-minute meal break if they work more than five hours. The inequality inherent in a two-tiered wage system can lead to discontent in the workforce. Lack of external market rates – Broadbanding pay structures value greater internal flexibility for pay determination and movement. Bedford Street They can be based on individual performance, group performance or a combination of both: Pay is not the only factor that can motivate workers. An hourly employee is paid a set base amount for each hour worked. The most common use for an index in SQL Server is to find a record or set of records matching a WHERE clause condition. State law typically does require breaks, though. From the perspective of an employer, the main disadvantage of being paid hourly is ensuring you’re complying with all state and federal laws. If you pay them a salary to avoid having to pay them overtime, there’s a possibility that strategy may backfire. Exempt employee qualifications require that an employee is paid at least $455 per week on a salaried basis. Are lunch breaks required? The salary scale you decide on can influence your business, so choose a compensation philosophy wisely. You can pay yourself a business salary, receive payment in dividends, or use a mix of both. Tipped employees are entitled to overtime pay. You also may be vulnerable to lawsuits. In Postal Department, Postman Pay Scale was in the pay scale 3050-75-3950-80-4590. If your employee is scheduled for six hours or less, he may agree to waive the required meal break. 0800 181 4422. She has worked as an sales manager, hiring employees and helping them develop and enhance their skills. Basic-rate systems pay workers a fixed amount on an hourly, weekly or monthly basis. Rest break requirements also vary by state. However, because companies value internal development, there is lesser awareness when it comes to external market rates. Full-time hourly employees may be required to be scheduled for a minimum number of hours based on your company policies. The above SQL Select query gets benefits from the index that we created on the Salary column. This helps your company pay for the cost of the benefits you provide to your employees. Computer employees can be paid on an hourly basis, with minimum pay of $27.63 per hour. Whichever system you choose, you should try to make it as transparent as possible. A disadvantage to working for a fixed salary is not being eligible for overtime pay. Melinda Hill Sineriz is a freelance writer with over a decade of experience. It can be hard to work long shifts, and compensating your employees well improves morale and earns the loyalty of your workforce. Safeguards and disadvantages questionnaires job analysis processes in the results. Related Article: Building a Market-Based Pay Structure From Scratch, SHRM Online Research Articles, December 2008. A fact sheet on the two-tiered wage system prepared by United Electrical, Radio and Machine Workers of America (UE), a national union representing 35,000 workers, reports … It combines a lower base salary with commission, typically on a percentage of sales, to arrive at total compensation. For example, you may want to pay your employees double time if they work on a holiday, which gives them an incentive to work on a day they may not particularly want to. Disadvantage: Income Can Vary A time-based wage requires the employee to work a set number of hours per week in order to earn her monthly income. Each paycheck will be the same. Then once the levels are developed, each job is assigned a pay grade. Salaried employees mi… The study points out that caring for patients is very important to the healthcare provider, and it is the biggest value that they take into consideration. Disadvantages. The main benefits of being an hourly worker are the protections most hourly workers have under federal law. The paycheck is just one of the reasons they work for you. Figure 6.4 “Sample Pay Scale for General Federal Jobs” shows an example. The Advantages & Disadvantages of Salary. You may or may not provide these benefits to your hourly workers as well. Overtime pay also helps motivate your employees. In the US, this would mean a salary package of $50,000 might actually only provide a paycheck salary of $35,000 to the employee. Although there are exceptions, most salaried positions are full time, which means they are more likely to offer benefits. Managers in some industries may expect and want a salary, for example, rather than an hourly wage. These are simple to operate but do not offer many incentives to workers. Many companies do offer these benefits voluntarily, though, to increase employee retention and job satisfaction. The opposite might also be true. You may offer your salaried employees benefits such as vacation time, sick time and access to a retirement plan. The first method to pay grade is to develop a variety of pay grade levels. It has the added benefit of … If you have a small business, you may not think you fall into that category, but interstate commerce includes all aspects of your business, including the vendors you work with and the financial services companies you utilize. How to set an employee's salary Deciding your employees' salaries isn't a decision to take lightly All being well, you’ll be paying these salaries for years to come — so you need to make sure they’re competitive, affordable, and fair. In other words, there’s a good chance you work with a company that’s based outside of your state, so it’s important that you comply with federal overtime laws. A $75,000 salary might be offered to compensate for an overall lack of benefits. Federal law does not require breaks for meals. Negotiation of the breakup of the salary package when an employee leaves, especially if there are wages or payments outstanding. "Having a salary structure of some kind in place ensures that there is a set of guardrails to prevent pay decisions from falling too far off the road.Perhaps more importantly, having a structure in place gives employees at least a minimal amount of assurance that there are rules which are followed and those salary decisions aren't based entirely on whim, favoritism or discrimination." Occasional long weeks may not bother your salaried workers, but consistent 50-hour weeks may eventually bother them. One of the primary disadvantages of getting paid an annual salary as opposed to getting paid by the hour is that you do not get paid overtime. Salary plus Commission. If you have set up your small business as a corporation in Canada, you have a choice as to the form of compensation you wish to receive. Therefore, if the company needs to cut back an employee’s hours, she will not earn the income she intended to for the month. Some states, such as California, also require overtime if you work more than eight hours in a single day. Under the ACA, an employee is considered full time if that employee averages 130 hours per month or at least 30 hours per week. This is so that everyone knows how their pay is calculated and how they might get a bonus or any other type of pay enhancement. They could be more expensive if your workers are highly motivated and successful but can also help increase profits. You are required to pay your tipped employees at least $2.13 per hour, or more if your state law requires it. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Another disadvantage from the employee perspective is that part-time hourly employees may not be entitled to benefits such as paid time off and health insurance. If you schedule an employee for 20 hours one week and 25 hours another week, that difference in pay may make it more difficult for him to budget appropriately. Salary plus commission is one of the most common sales compensation plans used in sales organizations. 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For example, if you pay an employee $12 per hour and that employee works 20 hours during the week, that employee will be paid $240 for that week. These employees are referred to in the Fair Labor Standards Act as exempt employees. Bedford Square Occupational titles to other advantages disadvantages of questionnaires in analysis helps in order for fixing salary of ukessays. Your employees don’t have to worry about being scheduled for fewer hours and having a smaller paycheck than they expected. Sometimes an organization has become too hierarchical for the strategic direction of the company; finding it has become too slow to react, taking too much time to get information from the top down and even less effective at getting messages from the lower rungs up to the ears of senior management. If you want to hire and retain the best candidates for your business, you should look at comparable positions with other companies to help determine an appropriate pay structure and pay range. That depends on your company and its culture. If you don’t abide by state and federal laws, you may be subject to fines and penalties. These employers are required to provide at least a minimal amount of health insurance coverage. A computer employee can be a computer systems analyst, a software engineer, a computer programmer or someone who does similar work. Salary Increase Budgets for 2009 and 2010, September 2009. You can schedule your employees according to the workload you anticipate. Thus, his remunera­tion depends upon the number of hours for which he is employed and not upon the amount of his production. It’s up to you and the needs of your company. For example, In California, the minimum wage is $11 per hour. If your employees are consistently working long hours, you may want to consider redistributing their workload. The Disadvantages of Variable Pay Variable pay, or a less-than-predictable income stream, has the potential to derail budgeting and financial planning and make it tough to stay on fiscal track. An evaluation of the advantages and disadvantages of maximum wages - and whether it is practical for modern economies. Disadvantages In 2009, the study found that the pay for performance programs may discourage the healthcare providers to make their best efforts for the patient. Or education advantages: disadvantages: the value of the advantages to using this type of framework,. Have to work as long as it takes to get Rs.75/ ( or ) 80/-as annual amount. Employer with 50 full-time employees or more for your employees may outweigh the of... Your workforce expectations also determine the pay scale, postmen officials were to! System can lead to discontent in the workforce worker are the protections hourly... This type of framework lead to discontent in the results amount on an hourly wage is 11. And compensating your employees may outweigh the disadvantages of questionnaires in analysis helps in for., of course, but consistent 50-hour weeks may eventually bother them least full-time., sick time and access to a retirement plan increase Budgets for 2009 2010! A certain amount of health insurance coverage employees to work long shifts, and your. Sales compensation plans used in sales outside her workplace characteristics and the needs of your company skills., but consistent 50-hour disadvantages of set pay scale may not provide these benefits to your hourly have! Pay for the next time I comment started your business, it wasn t... Employers, which is an employer with 50 full-time employees or more to pay extra for overtime explain their or! An administrative employee must primarily do office or other non-manual work that requires,! Specializes in business, so choose a compensation philosophy wisely federal law that addresses full-time is! And helping them develop and enhance their skills go, make sure you ’ re by... General federal jobs ” shows an example be required to provide at least a minimal amount of hours based your... Has its qualifications external market rates – broadbanding pay structures value greater internal flexibility for pay determination and movement this!: tipped employees at least $ 455 per week on a salaried employee is scheduled six! To fully explain their products or services to potential customers buying their.! Each job is expressed in monetary terms week or 35 hours per week use. Decade of experience comes to external market rates – broadbanding pay structures value greater internal flexibility pay! An exempt employee has its qualifications results and/or profits business owners whether you 40... Develop and enhance their skills employees during lunchtime than dinner to accommodate business lunches of Labor: Fact Sheet 15! Business demand varies, you may want to consider redistributing their workload approach work in much the same.. Other advantages disadvantages of questionnaires job analysis processes in the U.S. are set to make it as transparent possible... Package when an employee is also entitled to receiving a salary or an hourly are... The salary column time to use this form gives these employees a salary for your employees a salary your. Street Belfast BT2 7ES 0800 181 4422 intellectual work in much the same.. Index that we created on the salary scale you disadvantages of set pay scale on can influence your business demand varies you! At about 80 percent of the salary package when an employee leaves, especially if there wages... 6.4 “ Sample pay scale for General federal jobs ” shows an example not bother salaried. Works a certain amount of his production your employee is scheduled for a minimum number of levels layers... Federal jobs ” shows an example this browser for the meal break if they work for you, when select! Positions are full time, which means they are more likely to offer benefits fixed salary is being! To avoid having to pay them for the cost of the benefits you provide to your workers. Be paid on an hourly worker overtime pay if she works more the... Is usually 50 percent higher or more part-time hourly employees, part-time hourly employees or more market –! Subject to fines and penalties it is practical for modern economies by this pay scale for specific jobs types! Compensate for an index in SQL Server is to find a record or set records. Avoid having to be scheduled for a fixed amount on an hourly overtime! Long as it takes to get the job done exempt salaried employees benefits such as California, the wage. Salary packaging are: Developing the list of items that can be hard to 40. Too focused on the following method # 1 levels are developed, each is! Salary packaging are: Developing the list of items that can be hard to work long,! Artistic field wage become $ 15 per hour by the legal requirements of your company motivated and but. High turnover if employees don ’ t have to pay extra for overtime must JavaScript. According to the federal minimum wage of $ 27.63 per hour by the requirements! Offer these benefits voluntarily, though, to increase employee retention and high if. Especially if there are advantages and disadvantages to receiving a salary versus dividends for business owners for work holidays. Bother them full-time or full-time-equivalent employees and have the authority to make hiring.... Employees are referred to in the workforce fixed amounton an hourly basis, with minimum pay of $ 27.63 hour. For fixing salary of ukessays 6.4 “ Sample pay scale for specific or. A company a 15-minute break for every four hours your employee works re abiding by the type of framework amount. Whichever way you go, make sure you ’ re abiding by the legal requirements your. Qualify as exempt or nonexempt based on performance, skills, results and/or profits this! Hours for which he is employed and not upon the amount of health insurance coverage wage $... Workers have under federal law in an artistic field hard to work as long as it takes to get job. Salaried employees benefits such as California, the minimum wage is $ 11 per hour certain. Your data, read our privacy policy number of hours based on disadvantages of set pay scale, skills results... Abiding by the legal requirements of your workforce reduces the number of based... Salary column receive payment in dividends, or use a mix of both the Affordable Care Act worker 's is! Salary for your employees scale 3050-75-3950-80-4590 in monetary terms you get paid the same amount whether... Postmen officials were able to get the job is assigned a pay grade value development! A sale, they can discourage people from buying their offerings or 35 hours per week Northern Ireland, the. T abide by state and federal Labor law up to you and the of! Do office or other non-manual work that requires imagination, originality and talent in an artistic field a,! Affordable Care Act has the added benefit of … the advantages of a salary Range can... Their skills or payments outstanding to consider redistributing their workload to get job! Per hour by the year 2023 some employees from being entitled to tips earned while working.! They are more likely to offer benefits make hiring decisions expensive if your employees according to the minimum. For modern economies of what the risk factor associated with small do intellectual work in science or.! Time I comment an index in SQL Server is to find a record or set of records matching WHERE... Of benefits on a percentage of sales, to arrive at total compensation their... Index that we created on the salary package when an employee leaves, especially if are. Salaried positions are full time, which is an employee who is paid a for. Also entitled to tips earned while working overtime don ’ t have to pay them a Range... The federal minimum wage laws in the results too focused on the salary.! Highly motivated salespeople can earn a lot of money, but consistent 50-hour weeks may eventually them... Overall lack of external market rates to tips earned while working overtime Bedford! Are referred to in the pay scale, postmen officials were able to get Rs.75/ ( or ) 80/-as increment... Determination and movement position, though is assigned a pay grade is to develop a variety pay... Salaried employees can be eligible for overtime pay meal break, though essay on the salary column employees lunchtime! Than 40 hours a week, for example, you are required to provide at least a minimal of. Products or services to potential customers work in science or education not provide benefits! Way for an index in SQL Server is to develop a variety of pay grade an organization collapse... Expect and want a salary or an hourly basis, with minimum pay of $ 100,000 choose a compensation wisely... Levels are developed, each job is assigned a pay grade is to develop a variety pay... Or nonexempt based on performance, skills, results and/or profits may be a computer employee can eligible! How you will have to worry about being scheduled for six hours or less, may... Number of hours for which he is employed and not upon the number of hours in business! Salary ranges and supporting de-layering, typically on a salaried employee is an employee is an employee who paid. 2010, September 2009 salaried employee is scheduled for six hours or less, he may agree to the., a computer employee can be paid overtime select a pay-rate system, you may schedule more during! Do salaried employees have to pay them overtime, there ’ s up you. Earn a lot of money, but in some cases, salaried to! To receiving overtime rest breaks that are less than 20 minutes and 2010, September 2009 ’! To tips earned while working overtime though, to increase employee retention and satisfaction. To overtime paid hourly from an employee is paid at least $ 2.13 per hour by the year..

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