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Home Dictionary F Fringe Benefits Fringe benefits help companies recruit, motivate and retain highly skilled employees. Companies competing for the most in-demand skills tend to offer the most generous perks. Some of the more common fringe benefits, such as health and life insurance, are tax-free, but others are taxed at fair market value. Adoption assistance is exempt from income tax. Base Pay
September 25, 2022 Base salary is the employee’s standard salary rate and does not include benefits, bonuses, allowances or other compensation. Bonus
September 25, 2022 A bonus is financial compensation in excess of the recipient’s normal payment expectations. Chief Technology Officer (CTO)
September 25, 2022 The chief technology officer (CTO) is the chief executive who is responsible for managing the research and development (R&D) of an organization as well as its technology needs. Dependent Care Benefits
September 25, 2022 Dependent care benefits include tax credits and employee benefits, such as child care benefits, for caring for their dependents. Employee Stock Option (ESO)
September 25, 2022 Employee stock options are offered by companies to their employees as stock compensation plans. Employee Stock Purchase Plan (ESPP)
September 25, 2022 ESPP is a program where employees can purchase company shares at a reduced price. Employment Insurance (EI)
September 25, 2022 EI benefits are provided by the Government of Canada. Garnishment
September 25, 2022 A lien is an order that directs a third party to confiscate assets, usually wages from a job or money in a bank account, to pay off an unpaid debt. Glass Ceiling
September 25, 2022 The glass ceiling is a colloquial term for a social barrier preventing women from advancing to leadership positions. Golden Handshake
September 25, 2022 Golden Handshakes are pre-signed employment contracts that provide for severance pay if an employee is forced to leave their position early. Grant
September 25, 2022 A grant is a gift to an individual or legal entity that does not need to be returned. Honorarium
September 25, 2022 A fee is a payment to invited speakers who do not charge for their services. Junior Accountant
September 25, 2022 Associate accountant is an entry-level position in an accounting firm or department. Justified Wage
September 25, 2022 A fair wage is a fair level of remuneration for an employee, taking into account both market and non-market factors. Leveraged Employee Stock Ownership Plan (LESOP)
September 25, 2022 The Employee Leveraged Stock Ownership Plan (LESOP) uses borrowed money to fund the ESOP as a form of equity compensation for employees. Living Wage
September 25, 2022 A living wage is a socially acceptable level of income that provides adequate coverage for basic needs such as food, housing, children’s services and health care. Remuneration
September 25, 2022 Remuneration is the total amount that an employee receives for performing work. Restricted Stock Unit (RSU)
September 25, 2022 Limited shares are a form of share-based employee compensation. Retention Bonus
September 25, 2022 A retention bonus is a targeted lump sum payment or reward, in addition to an employee’s normal salary, that is offered as an incentive to keep a key employee at work. Severance Pay
September 25, 2022 Severance pay is any form of compensation paid by an employer to an employee after the termination of employment. Stipend
September 25, 2022 A stipend is a nominal amount of money paid to trainees, interns or students to cover basic expenses during their training. Stock Compensation
September 25, 2022 Stock compensation is a way in which corporations use stocks or stock options to reward employees instead of cash. Unemployment
September 25, 2022 Unemployment occurs when workers who want to work cannot find work. Unemployment Compensation
September 25, 2022 Unemployment benefits are benefits paid to people who have recently lost their jobs through no fault of their own, such as being fired or closing a business. Wellness Program
September 25, 2022 Wellness programs are provided by companies, governments and insurance companies to encourage people to live healthier lives.
“These programs increase productivity, reduce sick days, reduce insurance costs, reduce employee turnover, and reduce workers’ compensation claims.