Archives: Terms

### Title: Wrongful Dismissal Definition of Wrongful Dismissal Wrongful dismissal, also referred to as wrongful termination or wrongful discharge, occurs when an employee is terminated from their job in a manner that breaches one or more terms of their employment contract or violates specific legal provisions. This could include termination […]

Definition of World Trade Organization The World Trade Organization (WTO) is an international entity that oversees and facilitates global trade. Established on January 1, 1995, as a successor to the General Agreement on Tariffs and Trade (GATT), its main objective is to ensure trade flows as smoothly, predictably, and freely […]

Definition of World Bank The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It is a vital source of financial and technical assistance to developing countries around the globe. Its mission is to […]

Definition of Works Council A Works Council is a workplace representative body that operates within a company to protect and promote the interests of employees. Unlike trade unions, which operate at an industry or national level, Works Councils exist within individual workplaces or companies and are focused on internal matters. […]

Definition of Working Tax Credit Working Tax Credit is a state benefit in the United Kingdom that is intended to supplement the earnings of low-income workers. The purpose of this credit is to encourage people to work by providing additional financial support to those earning low wages. It is aimed […]

Definition of Working Capital Working capital represents the difference between a company’s current assets and current liabilities. It is a measure of a company’s operational efficiency and short-term financial health. Essentially, working capital indicates if a company has enough short-term assets to cover its short-term liabilities. The formula to calculate […]

Definition of Workforce The term workforce refers to all the people engaged in or available for work, either in a country, company, or specific sector. It encompasses every individual who is capable of working, including both employed and unemployed individuals who are actively seeking employment. The workforce is often used […]

Definition of Workfare Workfare is a welfare system that requires individuals to work in return for government benefits. The idea behind workfare is to provide support while encouraging participants to gain job experience and skills that will help them become self-sufficient. Unlike traditional welfare programs that offer benefits without any […]

Definition of Worker-Controlled Firm A worker-controlled firm, also known as a worker cooperative or employee-owned business, is an enterprise that is owned and self-managed by its workers. In such organizations, decision-making authority and equity ownership are distributed among the employees rather than being concentrated in the hands of shareholders or […]

Definition of Worker Participation Worker participation refers to the involvement of employees in the decision-making processes of a business or organization. This concept encompasses various forms of engagement, from providing feedback and suggestions to actively participating in management. The goal is to harness the insights, skills, and perspectives of employees […]