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 that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement.
Public holidays in Australia refer to the holidays recognised in law in Australia. Although they are declared on a state and territory basis, they comprise a mixture of nationally celebrated days and holidays exclusive to the individual jurisdictions.
Adjudication is the legal process by which an arbiter or judge reviews evidence and argumentation, including legal reasoning set forth by opposing parties or litigants, to come to a decision which determines rights and obligations between the parties involved.
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain". One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that, and thus to ensure security of compensation to the workers.
Unemployment benefits, also called unemployment insurance, unemployment payment, unemployment compensation, or simply unemployment, are payments made by 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 retirement plan is a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions. Congress has expressed a desire to encourage responsible retirement planning by granting favorable tax treatment to a wide variety of plans. Federal tax aspects of retirement plans in the United States are based on provisions of the Internal Revenue Code and the plans are regulated by the Department of Labor under the provisions of the Employee Retirement Income Security Act (ERISA).
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; long service leave; domestic help (servants); and other specialized benefits.
The Australian Chamber of Commerce and Industry (ACCI) is Australia's largest and most representative business association, comprising state and territory chambers of commerce and national industry associations. ACCI represents Australian businesses of all shapes and sizes, across all sectors of the economy, and from every corner of the country.
In Australia, superannuation, or just super, is the term for retirement pension benefit funds. Most working Australians deposit deductions from their income into these funds, and employers make similar regular contributions. Most employees contribute to large funds either industry funds, or retail funds. However, some working Australians deposit their income deductions into self-managed superannuation funds.
The Mandatory Provident Fund, often abbreviated as MPF (強積金), is a compulsory saving scheme for the retirement of residents in Hong Kong. Most employees and their employers are required to contribute monthly to mandatory provident fund schemes provided by approved private organisations, according to their salaries and the period of employment.
In Australia, long service leave (LSL) is a period of additional paid leave granted to employees who have completed an extended period of service with an employer. Under Australian law, most employees are entitled to long service leave if they work for the same employer for a prolonged length of time, the threshold usually being between seven and ten years. Long service leave is separate from annual leave; employees receiving long service leave continue to accrue annual leave as normal and, at a minimum, as prescribed by the National Employment Standards.
Generally, PTO hours cover everything from planned vacations to sick days, and are becoming more prevalent in the field of human resource management. Unlike more traditional leave plans, PTO plans don't distinguish employee absences from personal days, vacation days, or sick days. Upon employment, the company determines how many PTO hours will be allotted per year and a "rollover" policy. Some companies let PTO hours accumulate for only a year, and unused hours disappear at year-end. Some PTO plans may also accommodate unexpected or unforeseeable circumstances such as jury duty, military duty, and bereavement leave. PTO bank plans typically do not include short-term or long-term disability leave, workers compensation, family and medical leave, sabbatical, or community service leave.
The National Federation of Builders (NFB) is a United Kingdom trade association representing the interests of regional contractors and small and medium sized house builders in England and Wales.
Irrigation is a widespread practice required in many areas of Australia, the driest inhabited continent, to supplement low rainfall with water from other sources to assist in growing crops and pasture. Overuse or poor management of irrigation is held responsible by some for environmental problems such as soil salinity and loss of habitat for native flora and fauna.
The Manchester and Milford Railway was a Welsh railway company, intended to connect Manchester and the industrial areas of Northwest England with a deep-water port on Milford Haven, giving an alternative to the Port of Liverpool.
Social security, in Australia, refers to a system of social welfare payments provided by Australian Government to eligible Australian citizens, permanent residents, and limited international visitors. These payments are almost always administered by Centrelink, a program of Services Australia. In Australia, most payments are means tested.
The Government of the Australian Capital Territory, also referred to as the Australian Capital Territory Government or ACT Government, is the executive authority of the Australian Capital Territory, one of the territories of Australia. The leader of the party or coalition with the confidence of the Australian Capital Territory Legislative Assembly forms Government. Unlike the Australian States and the Northern Territory, the Australian Capital Territory Legislative Assembly directly elects one of their number to be the Chief Minister of the Australian Capital Territory as the head of the Government, rather than being appointed by a Governor or Administrator.
The WorkCover Authority of New South Wales was a New South Wales Government agency established in 1989. The agency created regulations to promote productive, healthy and safe workplaces for workers and employers in New South Wales. The agency formed part of the Safety, Return to Work and Support Division established pursuant to the Safety, Return to Work and Support Board Act, 2012 (NSW).
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.
Labour hire is a form of employment in which an employer directs their de jure employees to perform work at an external workplace, belonging to a client of the legal employer.