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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
Gig Economy
A labor market characterized by short-term contracts or freelance work.
Gross salary
The gross salary corresponds to the total payments received by the employee.
MT103
An MT103 is a message type within the SWIFT system specifically designed for customer credit transfers.
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