Final answer:
A set of pay rates defined by minimum, midpoint, and maximum rates for a job is known as a Pay Range. It is a part of the compensation structure used to maintain equitable and competitive salary settings in organizations.
Step-by-step explanation:
The term for a set of pay rates defined by minimum, midpoint, and maximum rates of pay assigned to any job is known as a Pay Range. This concept is part of a broader discussion on compensation management within the field of human resources. Pay ranges not only help establish fair wages based on job requirements and market rates but also allow for differences in pay related to experience, education, and performance. Businesses often have to consider a number of factors when determining pay, including skill level, education, the demand for specific talents, and the overall labor market conditions. For instance, civil servants receive a salary based on the U.S. Federal General Schedule, which is an example of a structured pay schedule with defined pay ranges according to grades and steps reflecting required competencies and education levels.