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Hi, welcome to this week’s episode of The Art of Business English. Today we have the second instalment of my 3-part mini-series to learn terms that might be very helpful when dealing with employment contracts.

If you haven’t already watched episode 1 of the mini-series, then you can review it [here].

Let’s jump in and see what we have got.

Party

Meaning:

The person or company involved in a legal agreement is referred to as the party.

Example:

“If you have a business partner, she’d have to be a party in the rental contract as well.”

Watch the episode here

Agreement

Meaning:

An arrangement/contract made between people, companies, countries, etc.

Example:

“It seems that after months of negotiation, we’ve yet to write up an agreement for this deal.”

Clause

Meaning:

A particular statement/article or stipulation in a contract, etc.

Example:

“We need to include a penalty clause in the event that the supplier fails to deliver on time.”

Part-time contract

Meaning:

To be hired for only some of the hours of the week that people normally work, not all of them.

Example:

“More than 80% of employed workers with a part-time contract are women.”

Full-time contract

Meaning:

To be hired for the amount of time spent working that is considered normal for a person who has only one job.

Example:

“The webmaster was promoted from a temporary contract to a full-time contract.”

Base (basic) salary

Meaning:

The amount of money that someone earns every year in their job, not including any extra payments they may receive.

Example:

“For the right person, we are willing to pay a base salary of $200,000, plus bonuses.”

Bonus

Meaning:

An amount of money given to an employee in addition to their salary as a reward or at special occasions.

Example:

“The company often gives discretionary bonus payments.”

Net salary

Meaning:

A person's salary after taxes, insurance, etc. have been subtracted.

Example:

“Permanent workers are entitled to receive a loan worth four monthly payments of their net salary.”

Gross salary

Meaning:

The total amount of money an employee receives before taxes and deductions are taken out.

Example:

“The average gross salary is 41,588 euros per year; however, most positions range from 21,000 to 30,000 euros per year.”

Unemployment benefits

Meaning:

Money that the government pays to unemployed people who are looking for a job.

Example:

“Figures showed that 50,000 people in the region were on unemployment benefits.”

Final thoughts

I hope you have enjoyed part 2 of my series on employment contractual terms. I hope there are a lot of new words in there that you have discovered. Make sure you stay posted for future updates. If you haven’t subscribed to the AOBE yet, then now is a great time. You can subscribe here.

Please feel free to share this episode with your friends, family or colleagues, and if you have any questions then don’t hesitate to contact me or leave me a comment.

You can improve your chances of employment and career growth with our highly specialized courses that focus on English for business contexts. Whether you want to brush up on your written and oral skills or learn business English from the very beginning, our team of highly experienced experts at The Art of Business English can help you.

That is it for me today, see you all next week.

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Financial vocabulary for employment contracts part 3

Financial vocabulary for employment contracts part 3

Andrew


Andrew is the CEO and founder of the Art of Business English. Besides teaching and coaching native Spanish speakers in Business English, he is also passionate about mountain biking, sailing and healthy living. When He is not working, Andrew loves to spend time with his family and friends.

Andrew Ambrosius

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