Glossary Building Post – 3

From reading A Crackdown on Cheating Companies I thought contractors was a good term for this week. By definition, a contractor is an “Independent entity that agrees to furnish certain number or quantity of goods, material, equipment, personnel, and/or services that meet or exceed stated requirements or specifications, at a mutually agreed upon price and within a specified timeframe to another independent entity called contractee, principal, or project owner.2” Many companies today are calling full-time employees contractors so that they don’t have to provide medical benefits like health insurance, paid time off, sick leave or anything other benefits that a regular full-time employee would have. I think that it is important to know the difference between full-time and contractor especially if you’re trying to get the most value out of your job!

From the same article, A Crackdown on Cheating Companies, workers’ compensation is the next term. Workers comp is basically a form of insurance for employees so that in the event that they get injured on the job, the employee has a right to sue the employer for negligence3. Being 21 and not having hardly any experience with benefits let alone health insurance (under my parents), I wasn’t familiar with the term workers’ comp so I figured, maybe a lot of other people my age are also still figuring out what most of these terms are/mean.

The last word is grace period. ‘A grace period is how long you can wait after leaving school before you have to make your first payment.4’ I think this term is actually really relevant to college students because this is the time where many begin to start learning about loans and payments and how it all affects your overall credit.

Contractors: A person or company that undertakes a contract to provide materials or labor to perform a service or do a job5.

Workers’ Compensation: A form of insurance for employees so that in the event that they get injured on the job, the employee has a right to sue the employer for negligence3.

Grace Period: A grace period is how long you can wait after leaving school before you have to make your first payment4.

 

Sources

Contractors

https://parade.com/49312/parade/100411-a-crackdown-on-cheating-companies/

2 http://www.businessdictionary.com/definition/contractor.html

5 https://www.merriam-webster.com/dictionary/contractor

Workers Compensation

https://parade.com/49312/parade/100411-a-crackdown-on-cheating-companies/

3 https://en.wikipedia.org/wiki/Workers%27_compensation

Grace Period

4 https://ticas.org/content/posd/top-10-student-loan-tips-recent-graduates

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