compensation for loss of office


compensation for loss of office
A lump-sum ex gratia payment made to an employee or director as compensation for the termination of a service contract. The payment can be wholly or partly tax free provided that the employee is not entitled to the compensation under the service contract.

Accounting dictionary. 2014.

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  • compensation for loss of office — A payment made by a company to a director, senior executive, or consultant who is forced to retire before the expiry of a service contract, as a result of a merger, takeover, or any other reason. This form of severance pay (see also redundancy)… …   Big dictionary of business and management

  • compensation — [[t]kɒ̱mpənse͟ɪʃ(ə)n[/t]] ♦♦♦ compensations 1) N UNCOUNT Compensation is money that someone who has experienced loss or suffering claims from the person or organization responsible, or from the state. He received one year s salary as compensation …   English dictionary

  • loss — /lɒs/ noun 1. the state or process of not having something any more ♦ loss of customers not keeping customers because of bad service, high prices, etc. ♦ loss of an order not getting an order which was expected ♦ the company suffered a loss of… …   Dictionary of banking and finance

  • compensation — /ˌkɒmpən seɪʃ(ə)n/ noun 1. ♦ compensation for damage payment for damage done ♦ compensation for loss of office payment to a director who is asked to leave a company before their contract ends ♦ compensation for loss of earnings payment to someone …   Dictionary of banking and finance

  • office — / ɒfɪs/ noun 1. a set of rooms where a company works or where business is done ♦ for office use only something which must only be used in an office 2. a room where someone works and does business ● Come into my office. ● The human resources… …   Dictionary of banking and finance

  • Loss of use — is the inability, due to a tort or other injury to use a body part, animal, equipment, premises, or other property. Law.com defines it as the inability to use an automobile, premises or some equipment due to damage to the vehicle, premises or… …   Wikipedia

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