When you’re looking for work, some things are of extreme importance. Depending on your circumstances, you might wonder whether you can work remotely or have a flexible schedule. Questions about what the benefits package looks like, if the position will provide you a work-life balance and how much paid time off you’ll get are typical.
However, if you work for commission, your questions might be pretty different than if you consider accepting a salaried position. There’s a big difference between working on straight commission and having a base salary on which you can rely. But when you’ve earned your commission and your employer refuses to honor it, can you protect your interests?
Employment laws govern cryptocurrency exchanges
While cryptocurrencies have yet to reach critical mass, government officials continue struggling with how to define them. Meanwhile, the Securities and Exchange Commission (SEC) recently published some guidelines on regulating digital currencies.
Despite continuing controversies and misunderstandings surrounding cryptocurrencies and how they relate to securities laws, people working in the crypto space are governed by employment laws.
Reports suggest Kraken refused to pay former trading desk manager
A former employee at Kraken alleges that the exchange promised him a 10% commission of the trading desk’s annual profits, on top of a $150,000 salary. However, those claims are allegedly facing opposition from the California-based company due to no longer operating in New York, where the former manager worked.
If you work on commission, understanding your rights is essential to receiving the compensation you agreed to when you accepted your position.
What are your employer’s requirements?
Regardless of the product or service a company provides, they must adhere to state and federal employment laws. For example, as an employee working for commission in Michigan, you have the right to:
- Draw against your earned commission
- Receive your final paycheck, including earned commission, as soon as possible after separating from the company
- Take action against your employer for unpaid wages
No matter the field you work in, employment laws govern both your rights and those of your employer. If you feel your employer violates those laws, you might want to look into holding them accountable for their actions.