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A golden parachute is an agreement between a company and an employee (usually an upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. These may include severance pay , cash bonuses, stock options , or other benefits.
A golden handshake is a clause in an executive employment contract that provides the executive with a significant severance package in the case that the executive loses their job through firing, restructuring, or even scheduled retirement. [1]
An employment contract or contract of employment is a kind of contract used in labour law to attribute rights and responsibilities between parties to a bargain. The contract is between an "employee" and an "employer". It has arisen out of the old master-servant law, used before the 20th century.
Executives generally negotiate a customized employment contract with documentation spelling out the compensation, [40] and taking into account government regulations and tax law. [42] Some types of their pay (gratuitous payments, post-retirement consulting contracts), are unique to their occupation.
In 1962, President Kennedy signed an executive order giving public-employee unions the right to collectively bargain with federal government agencies. [ 26 ] The Office of Labor-Management Standards , part of the United States Department of Labor , is required to collect all collective bargaining agreements covering 1,000 or more workers ...
Executive Order 14063, officially titled Use of Project Labor Agreements for Federal Construction Projects, was signed on February 4, 2022 and is the 79th executive order signed by U.S. President Joe Biden. The telos of the order is to require project labor agreements on federal construction projects.
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