employment contract

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Related to Terms of employment: employment contract, Job contract

employment contract

see CONTRACT OF EMPLOYMENT.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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
References in periodicals archive ?
Etyk, known for its belligerent practices and rhetoric, almost immediately signalled its opposition to the agreement, citing unspecified concerns, receiving written assurances that all affected workers would keep their jobs, terms of employment and other benefits, as well as the right to return to the bank after a two-year period.
Even if competing employers do not agree to fix compensation or other terms of employment, sharing such information may expose companies to civil antitrust liability if it is likely to harm competition, for example, by causing companies to decrease compensation to certain employees.
As these types of organisations are still affected by austerity measures and uncertainty surrounding restructuring, it is unsurprising that large organisations in Wales have not reached their prerecession levels in terms of employment."
In addition, the private sector may not be able to match the new government terms of employment, which will hamper the important task of bringing more Emiratis into the private sector.
At the Employment and Social Policy Council, on 9 December, the ministers agreed on the urgent need to address social divergences in terms of employment, disposable income, poverty and social exclusion.
"We're grateful to those who took the time to come and talk to us about our Shotton Triangle proposals, and were pleased with their general appreciation of the positive impact that our work in the area brings to local communities in terms of employment, supply chain support, community funding and environmental improvements," said Banks' Mark Dowdall.
"Given these findings, the council decided that the long-term benefits that the development would provide in terms of employment and economic benefits outweighed the loss of the trees".
This volume represents the first comparative analysis of global faculty salaries, remuneration, and terms of employment, according to the editors, who present chapters that compare academic salaries and employment conditions in 28 countries across public, private, research, and nonresearch universities while discussing common themes, trends, and the impact of salary and employment terms on academic quality and research productivity.
Japan had relatively high scores of 83.1 in terms of employment and 94.5 in terms of education for women, but had the worst score in terms of leadership positions for women in the public and private sectors at just 14.2.
Said al-Hinai, Deputy Director General of Planning and Studies at the Ministry of Manpower presented a working paper on the Omanization and employment policies at the private sector in terms of employment policies, the Omanization rate at the private sector as of December 2012, the challenges facing the national manpower in the private sector and the proposal to encourage the national manpower to work for the private sector.
On radiation exposure, 15.1 percent of all respondents of 3,186, including supervisors, said they did not know the doses to which they had been exposed, while 36 percent said they had not received any documents listing their terms of employment from their employers.
I predicted many months ago in this column that the Government's spin on the necessity of tackling the deficit would only really be tested when the cuts started to impact in earnest, either through the loss of services, jobs or terms of employment.