|
|
ANDEAN COMMUNITY: The Andean Community (CAN) is a subregional organization endowed with an international legal status, which is made up of Bolivia, Colombia, Ecuador, Peru and Venezuela. The main objectives of the Andean Community are to promote the balanced and harmonious development of the member countries under equitable conditions, to boost their growth through integration and economic and social cooperation and to enhance participation in the regional integration process with a view to the progressive formation of a Latin American common market. The Andean Community started operating on August 1, 1997 with a General Secretariat, whose headquarters are in Lima (Peru), as its executive body.
Visit the GLOSS*arama
|
|
|
|
                           COMPENSATION OF EMPLOYEES: The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring wages earned by the household sector for supplying labor services. This is one of five official factor payments making up national income. The other four are net interest, rental income of persons, corporate profits, and proprietors' income. Compensation of employees is far and away the largest of the five factor payments, typically running about 70 percent of national income. Compensation of employees includes standard wages and salaries paid directly to employees, as well as assorted fringe benefits (health care, retirement, etc.) paid on behalf of employees to third parties. The official terms for these two components are: (1) wage and salary accruals and (2) supplements to wages and salaries. Wage and salary accruals, as might be expected is the larger of the two, coming in at around 80 percent of total compensation of employees, leaving supplements to wages and salaries at the remaining 20 percent.Compensation of employees includes more than just the typical wage payments that come to mind when the topic turns to compensating labor. This entry, of course, includes hourly wages paid to factory workers, clerical workers, retail sales clerks, farmhands, fast-food counter help, and other folks who clearly supply labor services to the production of GDP. But, this entry also includes monthly and annual wages to other folks who DO NOT immediately come to mind when the word labor is mentioned. Examples are the head of a Fortune 500 company, a professional athlete, and a popular motion picture actor. Their salaries might be measured in millions of dollars rather than thousands of dollars, but so long as they are being paid for using their physical and/or mental efforts in production, then their salaries are included in the compensation of employees entry.
Recommended Citation:COMPENSATION OF EMPLOYEES, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: June 16, 2026].
Check Out These Related Terms... | | | | | | | | | |
Or For A Little Background... | | | | | | | | |
And For Further Study... | | | | | | | | | | | |
Related Websites (Will Open in New Window)... | |
Search Again?
Back to the WEB*pedia
|
|
|
YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for crowded shopping malls.
Your Complete Scope
This isn't me! What am I?
|
|
|
In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
|
|
|
"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
|
|
LBO
Leveraged Buyout
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
