MHR 749 Chapter Notes - Chapter 12: Toyota Electronic Modulated Suspension, Warini, Canada Day
5 Dec 2014
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Once laws are passed, it is enforced by agencies through rulings, regulations, inspections and investigations. Companies response to legislation by auditing and altering their practices/lobbying for legislative change. An act in concert to carry out public policy that protects all interest of employees. Gov"t is key stakeholder in compensation decision making; however diff. countries/cultures have diff. perspective. Determining whether procedures for determining pay are fair (i. e. pay equity), safety nets for unemployed/disadvantaged (min. wage, unemployment comp. ) and employees are protected from exploitation (i. e. overtime, child labour) Government policy decision effects supply and demand for labour. Legislation aimed at protecting specific group restricts groups participation in labour market. Ex: mandatory schooling restricts supply of children to sell, licensing requirements for certain jobs, immigration polic. Affects demand for labour most direct as a major employer or indirectly through its purchases (computers, military aircraft, pencil) Ex. low interest rates boosts manufacturing of cars/condos, increased business activities means more demand & pressure on wages.
