Wage assignment

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Also found in: Legal.

Wage assignment

A loan agreement provision allowing the lender to deduct payments from an employee's wages in case of default.

Wage Assignment

A voluntary deduction from a person's paycheck. One may contribute to a retirement account, repay a debt, or make any number of other payments through wage assignment. It contrasts with wage garnishment (which is done for taxes or child support, for example) because it is voluntary.
References in periodicals archive ?
Persons to whom court ordered child support payments are more than 15 days overdue, may seek a mandatory wage assignment without prior notice to the individual in default.
site visitors can learn more about new hire reporting, find out how the Year 2000 will affect computer systems around the world or prepare for the next big payroll issue looming on the horizon, such as wage assignments (garnishments) calculations and third-party payments.
In some cases, they allege that the interest rates are so exorbitant that the loans are unconscionable and in violation of laws regulating wage assignments and collection practices.