Employment status

 

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Employment status

A term used by lenders to describe potential borrowers' working arrangements. Self-employed applicants are sometimes seen as a greater risk than employees. Many specialist lenders and mortgages have emerged in recent years designed specially for different types of employment status.



Employment status

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Verification of employment

Verification of employment

As part of the loan process, a lender will ask the borrower's employer for confirmation of the borrower's position and salary.


Accident, Sickness and Unemployment insurance

Accident, Sickness and Unemployment insurance

Income protection incorporating cover for loss of earnings arising from accident, sickness or unemployment. Usually paid out in the form of a monthly tax-free income to cover a portion of lost earnings and restricted to two years from the date of the first payment.


Expenses in employment

Expenses in employment

If an employee incurs expenses wholly on behalf of his company which are not reimbursed, such expenses can be offset against tax. Examples are accommodation, meals and fees to professional organisations.


Full Employment and Balance Growth Act of 1978(Humphrey Hawkins Act)

Full Employment and Balance Growth Act of 1978(Humphrey Hawkins Act)

Federal legislation that, among other things, specifies the primary objectives of U.S. economic policy-maximum employment, stable prices, and moderate long-term interest rates.


Employment argument for protection

Employment argument for protection

The use of a tariff or other trade restriction to promote employment, either in the economy at large or in a particular industry. This is a second best argument, since other policies -- such as a fiscal stimulus or a production subsidy -- could achieve the same effect at lower economic cost.


Further Suggestions

Employment rate
unemployment benefit
Unemployment
Unemployment insurance
Self employment tax
Unemployment rate


 
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