employment contract

a CONTRACT between an EMPLOYEE and the company for which he or she works, specifying the terms and conditions governing his or her employment. Employment contracts of directors and senior executives are called service contracts, and these often contain provision for generous severance payments in the event of early dismissal.

The employment or labour contract between an employee and the firm that employs him or her generally specifies that the employee undertakes specific tasks for the firm in return for a WAGE. While the wage paid to an employee is a clearly definable part of the labour contract, the level of skill exercised by an employee and the amount of effort he or she exerts in working is more difficult to specify and measure. Consequently, labour contracts are subject to possible contract problems, such as ADVERSE SELECTION and MORAL HAZARD, and may involve significant AGENCY COSTS.

See LABOUR MARKET.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

Mentioned in

References in periodicals archive

He added that about 380 workers of the Mostar-based company have signed new employment contracts, but what are the details and whether their workers are happy BiokA!ic said did not know the details.

'Aluminij' workers getting layoffs, 380 workers sign new employment contracts

Since your employer has not terminated your employment contract, you may still continue to work for him without the execution of a new job contract.

Employer must provide medical insurance to employees in UAE

A clause was again, implied into the employment contract to the extent that an employer may not dismiss the employee on the grounds of his continuing incapacity to work once he becomes entitled to any PHI payments by reason of his incapacity.

MANY businesses in the United [...]

His employment contract contained the following provision:

Minimum notice limitations are enforceable

whether the employment contract is stated to be for a fixed term or for an indefinite period;

Update on Labour Bans in Qatar

Article 1 of Ministerial Decree 764 of 2015 states that, "tentative approval to admit a foreign worker for the purpose of employment in the UAE cannot be granted until an employment offer that conforms with the Standard Employment Contract is presented to and duly signed by the worker."

Human Rights Watch commends UAE\ s 2016 labour law

NORDIC BUSINESS REPORT-September 21, 2015-Biotage extends CEO's employment contract until April 2019

Biotage extends CEO's employment contract until April 2019

M2 EQUITYBITES-September 21, 2015-Biotage extends CEO's employment contract until April 2019

Biotage extends CEO's employment contract until April 2019

However, the employee will be entitled to his gratuity subject to the type of the employment contract (limited or unlimited contract) and the number of years the employee has been associated with the employer as stated in Article 137 and Article 138 of the Labour Law.

Understanding employment contracts