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LABOR AGREEMENT

Another name for collective bargaining agreement.

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LABOR AND MATERIAL PAYMENT BOND

Contractor-requested bonding or surety company guaranty or security given to a construction project owner / principal. This covers payoff for all equipment, labor, materials, and services if the contractor does not pay for them under contract terms. Bonds issued usually go with performance bonds, for the same amount.

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LABOR CERTIFICATION

US immigration services event to mitigate an unavailability of qualified American workers to place in job vacancies. The employer documents its plans to sponsor a foreign national, based on legal and permanent residence. An employer must certify this to the US Department of Labor. Refer to H1 status.

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LABOR CODETERMINATION

A rule requiring european companies to have a board of a certain size.

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LABOR COST

Total paid to workers in an accounting period, daily, weekly, monthly, or job basis. Payroll, related taxes, benefits is the cost of wages.

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LABOR DAY

First Monday in September; an observed US Federal holiday. Authorized in 1882, it gives a guaranteed day off to working individuals. Parades, cookouts, and shopping are a typical event on this holiday. Established as a day of rest, yet offering instore specials, most retailers open as normal.

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LABOR DEMAND

A specific job market like construction or manufacturing needing employees and workers.

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LABOR DISPUTE

Gap regarding the terms and conditions of employment, fringe benefits, hours or work, tenure, wages being negotiated during collective bargaining between an employer and its employees

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LABOR ECONOMICS

As prices, profits, wages, and working conditions change economic behavior of employers and employees is studied as this subject.

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LABOR FORCE

1. Company count of workers. 2. Economic count of people employed or job hunting.

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LABOR FORCE PARTICIPATION RATIO

Count of employed or is seeking employment over total population, shown as a percentage.

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LABOR HOUR

Productive effort of one person in one hour as a work unit. Also known as man hour.

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LABOR HOUR CONTRACT

Time-and-material contract. Contractor accountable for doing the job, not supplying any materials. The contract owner / principal supplies necessary materials and pays a fixed rate compensation covering overhead , profit, and any other negotiated items. Contract covers a set number of labor or man hours or days, or ends when specific conditions are satisfied.

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LABOR IDLE TIME VARIANCE

The difference between the budgeted work hours and the actual idle paid hours. For example, if employees have an 8,000-hours budget making products, but only work 7,800 hours, then 200 hours is idle time. Calculating further by multiplying idle time by wage rate gives idle time costs. As an example, wage rate of $10/hour calcs to $2,000 cost (200 hours x $10/hour). Also refer to direct labor efficiency variance.

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LABOR INTENSIVE

High amount of Physical effort. labor, required to accomplish a specific action. Examples of labor intensive industries are agriculture, construction, and coal-mining industries. Larger portion of total costs is labor, compared to costs for purchase, maintenance, and depreciation of capital equipment. Also refer to capital intensive.

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LABOR LAWS

Labor laws first arrived as standards in the Industrial Revolution. Labor laws have two categories: collective and individual. Collective labor law covers union, employer and employee relationships. Individual labor law covers employees’ workplace rights. Enforced by government agencies, legal rulings collectively cover working people, their organizations, trade unions and employee unions. Also known as employment law.

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LABOR MANAGEMENT REPORTING AND DISCLOSURE ACT

A US law passed in 1959, also known as the Landrum-Griffin Act. Regulates labor union interactions with members and businesses. The law mandated regulatory and transparency provisions, certain standards for union leadership, secret elections for unionizing, Department of Labor oversight.

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LABOR MARKET

Workers find paying work, employers find willing workers, and both agree to wage rates in this nominal market.

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LABOR PIRACY

Stealing an employee from a company by offering greater incentives. Intent is to gain intellectual capital and deprive the competitor of a potentially key employee.

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LABOR PRODUCTIVITY

Worker output rate. Typically compared against an established standard or expected rate of output. Calculated for one worker or a worker group per unit of time.

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