Wage assignment

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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 ?
Wage assignments--Should wage assignments be recognized?
Wage assignments may now be ordered by a court for all past due support payments rather than only for child-support payments, and the amount of wages exempt from such withholding was made the same for child or spouse support.
* -Voluntary wage assignments for "payday loans"—when are they required to be honored