Severance pay is a fee paid to an employee after an involuntary termination. In most circumstances, severance pay is not required, but employers promise severance pay as a way to attract workers. If an employer offers severance pay, the terms will normally be agreed upon in the employment contract and will vary based on experience and years of employment.
Simplified employee pension plan (SEP), also referred to as SEP-IRA, is a type of IRA plan that allows more flexibility for employers than a traditional IRA account. Under a SEP-IRA, the employer does not have required annual contributions like a simple IRA, but instead, the employer has the flexibility to limit contributions when business is bad.
A Stock dividend refers to corporate dividends compensating shareholders or employees in the form of stocks instead of money. Companies issue stock dividends typically in the form of a certain percentage per share. For example, a company may issue a stock dividend of 3%, meaning that someone with 100 shares would receive three more shares.
Unemployment compensation law encompasses a set of regulations aimed at providing financial assistance to individuals who lose their jobs through no fault of their own. This framework ensures temporary monetary support, enabling unemployed workers to meet basic living expenses while seeking new employment.
