1 page/≈275 words
Business & Marketing
Regulation of Business: Your Support or Opposition (Essay Sample)
REGULATION OF BUSINESS
Government regulations are a critical aspect in the modern business world. They develop an element of overview on the part of the government allowing it to control the business environment in a positive manner. There are several reasons why government regulations on businesses are important. The most notable reasons include: protection of workersâ€™ rights, protection of consumers of goods and services, developing accountability on the part of businesses for their use of power in the business world, and protection of the environment.
A particularly important regulation in the business world is the federal regulation on employment and labor, especially the Fair labor Standards Act of 2010. This Act was put in place by the Wage and Hour Division in order to protect the rights of employees across the United States. Since the business environment in the US is ever-changing, laws pertaining to employment must be continuously revised to ensure that they remain relevant to existing conditions in the market. Common regulations that require constant change include: working conditions, equal opportunity in employment laws, privacy regulations, safety and health compliance regulations, benefits, and minimum wage regulations (Holt, n.d.).
The Fair Labor Standards Act covered more than 130 million workers as at 2010. According to the effected changes, all workers in the United States have a specific preset minimum wage that companies must strictly adhere to. The Act works alongside the Employee Retirement Income Security Act which ensures ...
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