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Severance Package
A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwilfully. In addition to their remaining regular pay, it may include some of the following: * Any additional payment based on months of service * Payment for unused accrued PTO vacation time, holiday pay or sick leave unless the employee is picked up by the new buyer wherein all benefits become the responsibility of the new employer. * COBRA insurance, or healthcare benefits through a certain period of time. * A payment in lieu of a required notice period. * Retirement accounts * Stock options * Commission payments * Assistance in searching for new work, such as access to employment services or help in producing a résumé. Packages are most typically offered for employees who are laid off or retire. Severance pay was instituted to help protect the newly unemployed. Sometimes, they may be offered for those who either resign, regardless of the circumsta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Termination Of Employment
Termination of employment or separation of employment is an employee's departure from a job and the end of an employee's duration with an employer. Termination may be voluntary on the employee's part ( resignation), or it may be at the hands of the employer, often in the form of dismissal (firing) or a layoff. Dismissal or firing is usually thought to be the employee's fault, whereas a layoff is generally done for business reasons (for instance, a business slowdown or an economic downturn) outside the employee's performance. Firing carries a stigma in many cultures and may hinder the jobseeker's chances of finding new employment, particularly if they have been terminated from a previous job. Jobseekers sometimes do not mention jobs from which they were fired on their resumes. Accordingly, unexplained gaps in employment, and refusal or failure to contact previous employers are often regarded as "red flags". Dismissal Dismissal is when the employer chooses to require the employe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Regulation
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For example: * in government, typically regulation (or its plural) refers to the delegated legislation which is adopted to enforce primary legislation; including land-use regulation * in economy: regulatory economics * in finance: financial regulation * in business, industry self-regulation occurs through self-regulatory organizations and trade associations which allow industries to set and enforce rules with less government involvement; and, * in biology, gene regulation and metabolic regulation allow living organisms to adapt to their environment and maintain homeostasis; * in psychology, self-regulation theory is the study of how individuals regulate their thoughts and behaviors to reach goals. Forms Regulation in the social, pol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Golden Parachute
A golden parachute is an agreement between a company and an employee (usually an upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. These may include severance pay, cash bonuses, stock options, or other benefits. Most definitions specify the employment termination is as a result of a merger or takeover,golden parachute ". ''InvestorWords''LL. WebFinance.golden parachute . ''''. |
Golden Handshake
A golden handshake is a clause in an executive employment contract that provides the executive with a significant severance package in the case that the executive loses their job through firing, restructuring, or even scheduled retirement. This can be in the form of cash, equity, and other benefits, and is often accompanied by an accelerated vesting of stock options. According to Investopedia, a golden handshake is similar to, but more generous than a golden parachute because it not only provides monetary compensation and/or stock options at the termination of employment, but also includes the same severance packages executives would get at retirement. The term originated in Britain in the mid-1960s. It was coined by the city editor of the ''Daily Express'', Frederick Ellis. It later gained currency in New Zealand in the late 1990s over the controversial departures of various state sector executives. "Golden handshakes" are typically offered only to high-ranking executive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Compromise Agreement
To compromise is to make a deal between different parties where each party gives up part of their demand. In arguments, compromise means finding wikt:agreement, agreement through communication, through a mutual acceptance of terms—often involving variations from an original goal or desires. Defining and finding the best possible compromise is an important problem in fields like game theory and the voting system. Research indicates that suboptimal compromises are often the result of negotiators failing to realize when they have interests that are completely compatible with those of the other party, leading them to settle for suboptimal agreements. Mutually better outcomes can often be found by careful investigation of both parties' interests, especially if done early in negotiations. The compromise solution of a multicriteria Decision-making, decision making or multi-criteria decision analysis problem that is the closest to the ideal could be determined by the VIKOR method, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mediation
Mediation is a structured, voluntary process for resolving disputes, facilitated by a neutral third party known as the mediator. It is a structured, interactive process where an independent third party, the mediator, assists disputing parties in resolving conflict through the use of specialized communication and negotiation techniques. All participants in mediation are encouraged to participate in the process actively. Mediation is "party-centered," focusing on the needs, interests, and concerns of the individuals involved, rather than imposing a solution from an external authority. The mediator uses a wide variety of techniques to guide the process in a constructive direction and to help the parties find their optimal solution. Mediation can take different forms, depending on the mediator's approach. In facilitative mediation, the mediator assists parties by fostering communication and helping them understand each other's viewpoints. In evaluative mediation, the mediator may a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil Procedure In Canada
In Canada, the rules of civil procedure are administered separately by each jurisdiction, both federal and provincial. Nine provinces and three territories in Canada are common law jurisdictions. One province, Quebec, is governed by civil law. In all provinces and territories, there is an inferior and superior court. For certain matters, jurisdiction lies at first instance with the Federal Court. In all cases, the final court of appeal is the Supreme Court of Canada. Jurisdictions Ontario Ontario's civil procedure is governed by its Rules of Civil Procedure. Its stated aim is "to secure the just, most expeditious and least expensive determination of every civil proceeding on its merits." Most civil cases in Canada are tried by judges without a jury. Although the claims of civil proceeding are permitted to be tried before a jury, courts have broad discretion to strike the jury and proceed with a judge-only trial. The Ontario Rules of Civil Procedure have been largely adop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Just Cause (employment Law)
Just cause is a common standard in employment law, as a form of job security. When a person is terminated for just cause, it means that they have been terminated for misconduct, or another sufficient reason. A person terminated for just cause is generally not entitled to notice severance, nor unemployment benefits depending on local laws. Labor union contracts (United States) The standard of just cause provides important protections against arbitrary or unfair termination of employment, termination and other forms of inappropriate workplace discipline. Just cause has become a common standard in labor arbitration, and is included in labor union contracts as a form of job security. Typically, an employer must prove just cause before an arbitrator in order to sustain an employee's termination, suspension, or other discipline. Usually, the employer has the burden of proof in discharge cases or if the employee is in the wrong. In the workplace, just cause is a burden of proof (law), b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wallace V United Grain Growers Ltd
is a leading decision of the Supreme Court of Canada in the area of Canadian employment law, particularly in determining damages arising from claims concerning wrongful dismissal. Background In 1972, Public Press (a subsidiary of United Grain Growers) expanded its activities in commercial printing through acquisition of a web press, and hired Wallace, who had experience in selling such products. As Wallace was 46, he sought and received assurances that he would be treated fairly and have a guarantee of security in employment until at least his 65th birthday. Wallace was the company's top salesperson throughout his employment, which was terminated in 1986 without explanation. In a letter issued after termination, UGG claimed that "the main reason for his termination was his inability to perform his duties satisfactorily." The termination and allegation caused great emotional distress for Wallace, and he was unable to find similar employment elsewhere. Prior to his termination, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employment
Employment is a relationship between two party (law), parties Regulation, regulating the provision of paid Labour (human activity), labour services. Usually based on a employment contract, contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wage, wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuity, gratuities, bonus payments or employee stock option, stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by Labour law, employment laws, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis. Salary can also be considered as the cost of hiring and keeping human resources for corporate operations, and is hence referred to as personnel expense or salary expense. In accounting, salaries are recorded in payroll accounts. A salary is a fixed amount of money or compensation paid to an employee by an employer in return for work performed. Salary is commonly paid in fixed intervals, for example, monthly payments of one-twelfth of the annual salary. Salaries are typically determined by comparing market pay-rates for people performing similar work in similar industries in the same region. Salary is also determined by leveling the pay rates and salary ranges established by an individual employer. Salary is also affected by the number of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit (accounting)
Profit, in accounting, is an income distributed to the ownership , owner in a Profit (economics) , profitable market production process (business). Profit is a measure of profitability which is the owner's major interest in the income-formation process of market production. There are several profit measures in common use. Income formation in market production is always a balance between income generation and income distribution. The income generated is always distributed to the Stakeholder (corporate), stakeholders of production as economic value within the review period. The profit is the share of income formation the owner is able to keep to themselves in the income distribution process. Profit is one of the major sources of economics , economic well-being because it means incomes and opportunities to develop production. The words "income", "profit" and "earnings" are synonyms in this context. Other terms See also * Gross income * Net profit * Profitability index * Rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
