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

Similar Matches

Unemployment benefit

Unemployment benefit

Benefit received from a government department when a previously employed person becomes unemployed. The claimant must be able to verify previous employment and that he/she is actively seeking new employment. Unemployment benefit payments are liable to income tax.


Employment rate

Employment rate

The percentage of the labor force that is employed. The employment rate is one of the economic indicators that economists examine to help understand the state of the economy. See also: Unemployment rate.


Unemployment insurance

Unemployment insurance

Another form of income protection, but one that does not cover any form of sickness, injury or disability. The purpose of this type of policy is to replace income lost through a short to medium term period of redundancy. It provides you with a monthly tax-free income to cover a portion of your lost earnings. It is often sold in conjunction with the accident, sickness and disability element of income protection policies, in which case it is known as Accident, Sickness and Unemployment (ASU).


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.


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.


Further Suggestions

Self employment tax
Unemployment rate
Employment argument for protection
Unemployment
expenses in employment
Full Employment and Balance Growth Act of 1978(Humphrey Hawkins Act)


 
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