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EOR and PEO
Stand for employer of record and professional employer organization.
A PEO is a Professional Employer Organization, which is a third party that co-employs individuals with a business. They provide the payroll and other services in a country and ensure compliance requirements are met. While similar to an EOR, a PEO is different in that it is not the legal employer. They act as an employment partner and similar to an outsourced payroll and compliance vendor.
Related Glossaries
Payslip
A pay slip is an official document provided by an employer to an employee, detailing the employee's earnings and deductions for a specific pay period.
Tax collection
Tax collection refers to the process by which governments collect taxes from individuals and businesses to fund public services and infrastructure.
Local transfer
A local transfer is when a bank makes a payment to a foreign bank account.
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