Employer Obligations

Employment Contract
A formal agreement between employer and employee, stating the terms of employment in an organization. Employers are bound by Federal Affirmation Action laws not to discriminate.
Redundancy Payment
The sum that an employee dismissed due to redundancy is entitled to receive from his or her employer under the Employment Rights Act 1996. It is based on the employee's age, years of continuous employment, and weekly pay.
Unemployment Insurance Tax (UIT)
Learn about the Unemployment Insurance Tax which is deductible as a business expense for employers and understand its implications and relation to the Federal Unemployment Tax Act (FUTA).

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.