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Equitable pay aims to provide equal pay for equal work regardless of class, creed, race, or gender. Governments create laws to ensure equal pay, but it may not be an easy measure. Equitable remuneration ensures good faith practice and is commensurate with an individual’s performance. Free market economic theory suggests minimum wage laws are unnecessary. Courts can resolve equitable pay disputes, and fairness is difficult to define.
Equitable pay is a term that defines equal pay for equal work. The intent here is to put everyone on a uniform pay scale, regardless of class, creed, race, or gender. Many governments create laws to ensure equal pay among all workers in an environment. However, a major problem to overcome is that equal pay may not be an easy measure. The result may be a modified version of the original intent, with equivalent responsibilities and qualifications resulting in equal pay.
Legally speaking, equitable remuneration may serve a more narrowly defined purpose in the business environment. A common legal revision of the term attempts to ensure that remuneration represents good faith practice and is commensurate with the individual’s performance. Common cases of equitable remuneration occur in industries dominated by copyrights or patents. The film, writing, and creative industries tend to be especially focused on this and other practices. Lawyers and lawyers are often needed to define this term.
Free market economic theory tends to assert that equitable compensation is between the individual who spends the money and the individual who receives the payment. Therefore, minimum wage laws and other attempts to create equal pay in a marketplace are unnecessary. The reason behind this theory stems from the fact that not all people are exactly the same in the market. Remuneration should depend on the knowledge, skills and abilities of each individual. Under this principle, people are most likely paid differently based on these individual characteristics.
Courts can be typical intermediaries in some cases resolving equitable pay disputes. If a contract does not pay compensation as expected, or some other problem arises, this third party is helpful in resolving the dispute. In some cases, equitable pay cases are actually accurate and correct despite the beliefs of outsiders. Mediators and arbitrators can also help decide these issues if two or more parties do not use the court system. Legal cases are often necessary when there is no reasonable expectation of adequate compensation.
Although everyone should have adequate compensation expectations, ideas of fairness are not usually a factor. Fairness is a disturbing term to define when it comes to wages. Those who believe in pay equity may believe that an executive’s salary should have ties to the lowest employee in the company. These trends are often myopic, as alterations to a CEO’s salary can affect the lowest-ranking employee. Other equity methods can also create difficulties in terms of remuneration.
Smart Asset.
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