A pension is a fund into which a sum of money is added during an employee's employment years, and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan" where a fixed sum is paid regularly to a person, or a "defined contribution plan" under which a fixed sum is invested and then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular installments for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment prior to retirement.
Unemployment benefits are payments made by back authorized bodies to unemployed people. In the United States, benefits are funded by a compulsory governmental insurance system, not taxes on individual citizens. Depending on the jurisdiction and the status of the person, those sums may be small, covering only basic needs, or may compensate the lost time proportionally to the previous earned salary.
A disability pension is a form of pension given to those people who are permanently or temporarily unable to work due to a disability. It is distinct from welfare.
Jobseeker's Allowance (JSA) is an unemployment benefit paid by the Government of the United Kingdom to people who are unemployed and actively seeking work. It is part of the social security benefits system and is intended to cover living expenses while the claimant is out of work.
Employee benefits and benefits in kind include various types of non-wage compensation provided to employees in addition to their normal wages or salaries. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing furnished or not, with or without free utilities; group insurance ; disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation ; social security; profit sharing; employer student loan contributions; conveyancing; domestic help (servants); and other specialized benefits.
Per diem or daily allowance is a specific amount of money an organization gives an individual, often an employee, per day to cover living expenses when traveling for work.
Pensions in the United Kingdom can be categorised into three major divisions and seven sub-divisions, covering both defined benefit and defined contribution pensions.:
Insurance in the United Kingdom, particularly long-term insurance, is divided into different categories. The categorisation is currently set out in sections 333B, and 431B to 431F of the Income and Corporation Taxes Act 1988 (ICTA) with each category of business given a different tax treatment. The Chartered Insurance Institute is a prominent professional group first chartered in 1913 The Financial Services Authority was formed in 2001 as the regulator. In 2013 the Financial Services Authority was dissolved and financial regulation was instead placed with the Financial Conduct Authority and Prudential Regulation Authority.
Foreign Service Specialists are direct-hire career employees of the United States Department of State and other foreign affairs agencies. They are members of the United States Foreign Service who provide important technical, support or administrative services in 19 career categories, including Diplomatic Security Agents, Doctors and Physician Assistants, Information Management Specialists, Office Management Specialists, Human Resource Specialists. They serve in over 290 Embassies or Consulates abroad, Washington, D.C. or other locations in the continental United States.
Members of the Scottish Parliament (MSPs) are entitled to a salary, and where applicable, expenses and allowances.
Social security, in Australia, refers to a system of social welfare payments provided by Commonwealth Government of Australia. These payments are administered by Centrelink, a branch of the Department of Human Services. In Australia, most benefits are means tested.
The European Civil Service is a generic term applied to all staff serving the institutions and agencies of the European Union (EU). Although recruitment is sometimes done jointly, each institution is responsible for its own internal structures and hierarchies.
Wages and salaries are the remuneration paid or payable to employees for work performed on behalf of an employer or services provided. Normally, an employer is not permitted to withhold the wages or any part thereof, except as permitted or required by law. Employers are required by law to deduct from wages, commonly termed "withhold", income taxes, social contributions and for other purposes, which are then paid directly to tax authorities, social security authority, etc., on behalf of the employee. Garnishment is a court ordered withholding from wages to pay a debt.
The basic annual salary of a Member of Parliament (MP) in the House of Commons was £77,379, as of April 2018. In addition, MPs are able to claim allowances to cover the costs of running an office and employing staff, and maintaining a constituency residence and a residence in London. Additional salary is paid for appointments or additional duties, such as ministerial appointments, being a whip, chairing a select committee or chairing a Public Bill committee.
Bankers' bonuses are traditionally paid or awarded to some workers in the finance industry at the end of the bank's financial year. They are intended to reward employee behavior during that year that has increased the profits of the bank or some relevant part of its business, as shown by the annual accounts. The bonus culture is usually associated with the investment banking divisions of banks. Although calculated in respect of past service, payment of all or part of a bonus may be deferred and made contingent on subsequent events, such as future profitability or continuing employment; this is especially appropriate if the business done is of a kind which cannot be reliably valued at the end of a year.
Pensions in Norway fall into three major divisions; State Pensions, Occupational Pensions and Individual or personal Pensions.
British Airways plc v Williams (2011) C-155/10 is a UK labour law and EU law decision by the European Court of Justice regarding the right to holidays with pay, which is found in the Universal Declaration on Human Rights article 24, the Working Time Directive and the Working Time Regulations 1998. Williams itself was decided under analogous rules found in the Civil Aviation Regulations 2004. It held that variable components in pay, such as bonuses, must be included in the amount of pay people receive while they are on holiday.
Directive 92/85/EEC is a European Union Directive. It concerns the basic rights of people before and after pregnancy in the European Union.
In 2014, the Cyprus Guaranteed Minimum Income and Social Benefits Law was passed to replace the previous Public Assistance and Service Law. It covers all EU citizens and also long-term residents with legal status, and its main intention is to shelter those with higher risk of poverty and to guarantee the recipients with basic standard of living.
In Sri Lanka a Member of Parliament (MP), is the title given to any one of the 225 individuals elected or appointed to serve in the Parliament of Sri Lanka.
