22
Nov
Fair Market Wage Definition. A minimum wage is the lowest possible wage you can legally be paid as an employee. A living wage is defined as the minimum income necessary for a worker to meet their basic needs. Fair market value is the price a business property or other asset would sell for in an open and competitive market where buyer and seller have adequate information of relevant facts a reasonable time to complete a deal under no compulsion are acting in. Legal Definition of fair market value.
Evaluate your performance and compensable attributes. Having well-written job descriptions can help you set the parameters for fair salary offers and ranges and help you appropriately group jobs. Beginning in early 2012 MCW undertook an initiative to develop Fair Market Value FMV guidelines for faculty compensation. A price at which buyers and sellers both having reasonable knowledge of the property and being under no compulsion are willing to do business. Redirected from Fair wage Cost of a basic but decent life for a family. Here are some points to keep in mind.
The lowest wage that attracts the number of qualified workers needed.
I guess you could call the market wage a fair wage but that is just confusing. A living wage is defined as the minimum income necessary for a worker to meet their basic needs. The parties involved are aware of all the facts are acting in. Defining and documenting the responsibilities requirements duties conditions environment and other applicable aspects of a job is an important element of a compensation system. Having well-written job descriptions can help you set the parameters for fair salary offers and ranges and help you appropriately group jobs. A minimum wage is the lowest possible wage you can legally be paid as an employee.