Examlex
The diagram below conveys the idea that
Pay Systems
Structures within an organization that determine how employees are compensated for their work, including wages, salaries, benefits, and incentives.
Escalator Clauses
Clauses in collective agreements that provide for quarterly cost-of-living adjustments in wages, basing the adjustments on changes in the consumer price index.
Cost of Living Adjustment
An increase in income or salary to counteract inflation, helping maintain employees' purchasing power.
Collective Agreements
Contracts made between employers and a group of employees, often represented by a union, that establish terms of employment, working conditions, and wages.
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