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Identify/define and explain the significance of the following: John II.
Minimum Wage
The lowest legal hourly pay for workers, as mandated by government regulation, intended to ensure a basic standard of living for employees.
Overtime
Refers to hours worked above the normal 40-hour workweek, for which there is usually a pay premium.
Above-Market Compensation
Compensation that exceeds the average pay levels in the relevant industry or sector.
Voluntary Turnover
When an employee decides to leave a company based on personal choice rather than being forced out due to layoffs or termination.
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