Archives: Terms

Definition of Unionized Unionized refers to workers who are members of a labor union. A labor union is an organization that represents workers in various industries with the aim of negotiating better wages, working conditions, benefits, and other employment terms. Unionized workers collectively bargain with employers to establish employment contracts […]

Definition of Union/Non-Union Wage Differential Union/Non-Union Wage Differential refers to the difference in wages paid to workers who are members of a labor union compared to those who are not. Labor unions are organizations that represent employees in negotiations with employers over labor contracts, including wages, benefits, and working conditions. […]

Definition of Union A union, also known as a labor union or trade union, is an organized association of workers formed to protect and further their rights and interests. Unions aim to negotiate higher wages, reasonable working hours, and safer working conditions through collective bargaining. They provide a platform for […]

Definition of Uniform Business Rate The Uniform Business Rate (UBR) refers to a standardized rate set by the government for business property taxes, commonly known as business rates, in the United Kingdom. This rate is used to calculate the amount of tax payable by businesses based on the rateable value […]

Definition of Unified Budget A unified budget is a federal budget that consolidates all government revenues and expenditures into a single framework, including both on-budget and off-budget items. On-budget items refer to revenues and expenditures that are subject to annual appropriations by Congress, such as defense spending and educational programs. […]

Definition of Unfunded Pension Scheme An unfunded pension scheme, also known as a pay-as-you-go (PAYG) pension plan, is a type of pension system where the benefits paid to retirees are directly funded by the current contributions of workers. Unlike funded pension schemes, which accumulate financial reserves to cover future pension […]

Definition of Unfair Dismissal Unfair dismissal refers to the termination of an employee’s contract of employment in a way that the employee considers to be harsh, unjust, or unreasonable. This can occur for various reasons, including discrimination, retaliation, or failure to follow proper disciplinary procedures. In most jurisdictions, labor laws […]

Definition of Unfair Competition Unfair competition refers to dishonest or fraudulent rivalry in trade and commerce. It encompasses a wide range of deceptive and unethical business practices that are intended to gain an unfair advantage over competitors. These practices not only harm competitors but also mislead consumers and disrupt the […]

Definition of Unexpected Inflation Unexpected inflation refers to a situation where the actual rate of inflation is different from the anticipated rate of inflation. This deviation can have significant implications for individuals, businesses, and the economy as a whole. Unlike expected inflation, which is accounted for in contracts, wages, and […]

Definition of Unemployment Benefit Unemployment benefit, also known as unemployment insurance or unemployment compensation, is a form of financial assistance provided by the government or other authorized bodies to individuals who have lost their jobs and meet specific eligibility criteria. The primary purpose of unemployment benefits is to offer temporary […]