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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
Midmarket
Midmarket, or Middle Market, is defined as a segment of businesses.
In-kind benefits
A benefit-in-kind (BIK) is any non-cash benefit of monetary value.
Wage
A wage is a fixed payment for services rendered.
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