Extra compensation paid as inducement to accept shift work, especially during evening and midnight hours.
A SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Account) is a form of salary reduction plan that qualifying small employers may offer to their employees, providing an efficient way to save for retirement.
A split-dollar life insurance policy is a strategy in which the premiums, ownership rights, and death proceeds are divided between an employer and an employee, or a parent and a child. This type of policy can be a useful tool for providing benefits while sharing costs and risks.
Superannuation is an organizational pension program created by a company for the benefit of its employees, synonymous with an occupational pension scheme. Funds deposited in a superannuation account grow until retirement or otherwise withdrawn.
Termination benefits refer to those additional perks an employee receives when their employment ends at the employer's behest, including voluntary redundancy scenarios treated as employer-initiated terminations.
Termination of a plan refers to the cessation of a pension plan, done either through a standard termination or a distress termination method. Each approach has specific legal and financial implications.
A tuition reduction is a benefit often provided to employees of educational institutions and their dependents, allowing for a reduction in tuition fees that is excludable from gross income.
An unfunded pension or profit-sharing plan refers to a financial arrangement that does not meet the minimum funding standards. This could pose potential risks to the beneficiaries of such plans due to the lack of adequate financial backing.
Vacation pay refers to the compensation provided to employees during their vacation leave. It can also include amounts paid even if the employee opts not to take a vacation.
In financial and legal contexts, 'vest' generally refers to granting an individual full ownership of certain assets or benefits after meeting specific conditions, such as a period of service in a company.
A vested benefit is a benefit which an employee possesses full entitlement to, and will retain under any circumstances. Vesting ensures that the employee will retain specific benefits such as pension entitlements or shares, typically after serving the company for a specified period. The vesting status impacts how entities account for obligations under defined-benefit pension schemes or employee share plans.
A group that provides for the payment of life, sickness, or accident benefits to individuals with an employment-related bond.
The administrative procedure of establishing and supervising wage levels and operations within an organization to ensure fair compensation practices.
Workers' Compensation Acts are statutes that establish the liability of an employer for injuries or sicknesses that arise out of and in the course of employment. This liability is created without regard to the fault or negligence of the employer. Benefits generally include hospital and other medical payments and compensation for loss of income. If the injury is covered by the statute, compensation thereunder will be the employee's only remedy against his employer.
Workers' compensation income refers to the benefits provided to employees who suffer work-related injuries or illnesses, compensating for loss of income, medical expenses, and rehabilitation costs during their recovery period.
A workplace pension is a retirement savings plan arranged by employers to help employees save towards their retirement in addition to the state pension.
