Glosario de términos en ingles relacionados con generar nomina.

1. PAYROLL
GLOSSARY

2. ACCOUNTING:
 Accounting is the social science that
deals with studying, measuring and
analyzing financial assets and financial
affairs of a business or organization, in
order to facilitate decision making within it
and the external control presenting
information previously recorded
systematically and useful for different
stakeholders.

3. BACKUP:
 A backup in information technology and
computing is a copy of the original data is
performed in order to have a means of recovery
from a loss. Backups are useful to different events
and uses: computer systems recover and data
from a computer attack or natural disaster; restore
a small amount of files you may have accidentally
deleted, corrupted, infected by a computer virus
or other causes; storing historical information more
cheaply than hard disks and also allowing the
transfer to locations other than the original data;
etc.

4. BASIC SALARY:
 It is the ordinary remuneration agreed in
the labor contract and it is the basis for
the settlement of night work, work on
Sundays and holidays and extra work on
ordinary days.

5. BONUSES:
 It is an incentive that is offered on
occasions to workers as a token of thanks
for a job well done or accomplished a
goal, this is not part of the wage factor.

6. CONTRACT OF INDEFINITE
DURATION:
 It is set out for an indefinite period,
employee is guaranteed to hold the post
as long as the work continues. It could be
terminated if the work ceases, for
employee or (fair/unfair) employer’s
volition or both.

7. COMMISSIONS:
 It is a percentage over the total sales,
which the employer pays to the sellers, in
no case the worker total earned can be
lower than the minimum monthly wage
each year.
 Commission= amount of sales* sales
percentage.

8. COMPENSATION:
 Compensation of employees is defined as
the total remuneration- both wages and
salaries and supplements of them, in cash
or in kind, payable by an enterprise to an
employee in return for work done by the
latter during the accounting period.

9. COMPENSATIONS:
 The compensation (wages, salaries,
benefits) is the reward that employees
receive in exchange for their work, is the
element that allows the company to
attract and retain the human resources
needs, and employee meet materials
needs, safety, ego or status. That is, any
payment in cash or in kind, which the
organization rewards those who work in it.

10. EMBARGO:
 it is the judicial declaration that certain
rights of content or economic value are
affected or reserved to extinguish them
and declared an obligation (executive
embargo) or that is expected to be
declared in a future judgment (preventive
embargo).

11. EMPLOYMENT CONTRACT:
 It is an agreement between an employer
and employee specifying terms and
conditions under which
a person consents to perform
certain duties as directed and controlled
by an employer in return for an agreed
upon wage or salary.

12. FIXED-TERM CONTRACTS:
 It is an employment contract by which an
employer recruits an employee for a
limited period of time. Such contracts are
possible only to perform a specific,
temporary task, and only in those cases
set out by law.

13. IN-KIND WAGE:
 It is every part of the normal and
permanent remuneration which receive
the worker as the direct service
compensation, such as alimentation,
habitation or wardrobe which the
employer gives for the employee and his
family.

14. LOAN:
 The act of giving money, property or other
material goods to a another party in
exchange for future repayment of the
principal amount along with interest or
other finance charges.

15. MINIUM WAGE:
 It is the lowest hourly, daily or monthly
remuneration that employers may legally
pay to workers. Equivalently, it is the
lowest wage at which workers may sell
their labor.

16. NET PRICE PAID:
 It is that the employee actually receives.
The result of subtracting the total
deductions due.

17. NORMAL DAY:
 It is the normal time which the worker
works, it is the agreement of the
employee and employer, but it cannot
exceed the maximum legal time (8 hours
daily); (48 hours weekly).

18. OVERTIME:
 It is the time which overcomes the normal
day, and in any case it excels the
maximum legal.

19. PAYCHECK:
 It is a paper document issued by an
employer to pay an employee for services
rendered.

20. PAYMENT:
 A payment is the transfer of an item of
value from one party (such as a person or
company) to another in Exchange for the
provision of goods, services or both, or to
fulfill a legal obligation.

21. PAYROLL CONTRIBUTIONS:
 The accrual corresponds to all the
concepts that a worker receives a
remuneration, such as wages, overtime,
commissions, help of transportation, night
and daytime charges, etc. The sum of
these values conforms to what is called
total accrual, that is the totality of income
that an employee receives as
compensation for their work.

22. PAYROLL LIQUIDATION :
 The payroll is a document where a
company related wages, deductions,
paid net worth, payroll taxes and
appropriations of workers who have
worked in a given period, either weekly,
decade, fortnight or month.

23. PAYROLL TAXES:
 All employers must liquidate over their
monthly payroll the payroll taxes to ICBF,
SENA, family compensation fund (CCF)
and occupational hazards.

24. PROBATIONARY PERIOD:
 It is the initial period of employment,
during which the supervisor carefully
considers whether the employee is able
to meet the standards and expectations
of the job. The probationary period is
intended to be used to determine
whether the right employee has been
hired for the job.

25. SALARY ADVANCE:
 It is salary-based temporary overdraft
facility which enables staff of private
companies and government agencies
access 50% of their net monthly salary in
advance.

26. SEVERANCE PAY:
 Annually compensation equivalent to a
month of salary by each year
worked, that an employer provides to an
employee who has been laid off, whose
job has been eliminated, who through
mutual agreement has decided to leave
the company, or who has parted ways
with the company for other reasons.

27. SOCIAL SECURITY:
 Social security, also called social
insurance, primarily refers to a field
related to social welfare and social
protection coverage socially recognized
needs, such as health, old age or
disability.

28. SOLIDARITY FUND:
 The Pension Solidarity Fund (FSP) is a
special account of the Nation, which has
no legal status under the Ministry of Social
Protection, designed to subsidize pension
contributions of population groups whose
characteristics and socioeconomic
conditions do not have access to social
security systems and the provision of
financial subsidies for the protection of
people in extreme poverty.

29. SUBSTANTIVE LABOR CODE:
Work regulated by this Code is any free
human activity, whether material or
intellectual, permanent or temporary, that
an individual executes to the service of
another, and whatever is their purpose
under a contract of work.

30. SURCHARGE:
 Refers to charges to be paid on the
regular time, because of working at night.
The surcharge will be 35% of the ordinary
time as stipulated in paragraph 1 article
168 of the Substantive Labour Code.

31. TRANSPORTATION ASSISTANCE:
 it is a figure created by Law 15 of 1959
and regulated by Decree 1258 of 1959, in
order to subsidize the cost of mobilizing
employees from home to the workplace,
which for 2014 is of $ 72,000.

32. UNEMPLOYMENT SUBSIDY:
 The unemployment subsidy is a support given
by the family welfare fund, for once in a
lifetime, to persons who have lost their jobs.
This benefit is equal to 1.5 (one and a half)
current legal minimum wage, payable in six
equal monthly dues, represented in food
bonus, health or education. A subsidy in kind,
by an amount equivalent to 1.5 current legal
minimum wage, redeemable in food, health
or education to the beneficiary's choice. This
benefit will be paid in 6 equal dues, one each
month.

33. WAGE ELEMENTS:
 The following elements belong to the
wage: sticky wage, in- kind wage,
overtime, work in rest days and the
commission percentage.

34. WARRANT:
 The warrant is a portfolio collection
mechanism where the debtor authorizes
the employing entity will be deducted
from your monthly or biweekly payroll
specified sum.

35. WELFARE BENEFITS:
 It is the set of additional benefits to salary
provided by law for workers to contribute
to their welfare.

36. THANKS
ASSESSORS:
 SAMUEL FUENTES SANGUINO
 JULIAN CASTAÑEDA BELTRAN
KENWOOR LUBRICANTES
STREET 110 # 23C – 09 FONTIBÓN