OfficiaNet - Knowledge Base
Contract of EmploymentA contract of employment is a category of contract used in employment or labour law to attribute the rights and responsibilities between both parties within that person’s employment. The two parties are traditionally defined as "the employee" or “worker” who is "employed" by "the employer". The basic feature of employment law in almost every country is that the rights and obligations of the worker and the employer between one another are mediated through the contract of employment between the two. Many terms and conditions of the contract are however implied by the legislation of that nation or common law. The primary focus of most employment contracts is payment for work. Essential terms might be notice periods in the event of dismissal, holiday pay rights, the place of work and pension schemes. Many jurisdictions require these factors to be set out in a written contract. In terms of pay, the employee may be compensated through wages, a salary, or by commission. In addition to monetary compensation, the employment contract often specifies a fringe benefit package, including a retirement plan, employee stock options, holiday entitlement, required hours of work, and (especially in the US) health insurance benefits. |
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