Employee Monetary financial savings Plan (ESP) Definition, Varieties, Tax Benefits

Employee Monetary financial savings Plan (ESP) Definition, Varieties, Tax Benefits

What Is an Employee Savings Plan (ESP)? An employee savings plan (ESP) is a plan provided by an employer that allows employees to set aside a portion of their pre-tax wages for retirement savings or other long-term goals, such as paying for college tuition or purchasing a home. Many employers match their employees’ contributions up to a certain dollar

Definition and What It Measures

Definition and What It Measures

What Is the Employment-to-Population Ratio? The employment-to-population ratio, also known as the “employment-population ratio,” is a macroeconomic statistic that measures the civilian labor force currently employed against the total working-age population of a region, municipality, or country. It is viewed as a broad metric of labor unemployment. It is often calculated by dividing the number

Virtual Bill Value & Presentment (EBPP): Definition, Types

Virtual Bill Value & Presentment (EBPP): Definition, Types

What Is Electronic Bill Payment and Presentment? Electronic bill payment and presentment (EBPP) is a process that companies use to collect payments electronically through systems like the Internet, direct-dial access, and Automated Teller Machines (ATMs). It has become a core component of online banking at many financial institutions today. Other industries—including insurance providers, telecommunications companies

Virtual Fund Transfer Act (EFTA): Definition and Prerequisites

Virtual Fund Transfer Act (EFTA): Definition and Prerequisites

What Is the Electronic Fund Transfer Act (EFTA)? The Electronic Fund Transfer Act (EFTA) is a federal law that protects consumers when they transfer funds electronically, including through the use of debit cards, automated teller machines (ATMs), and automatic withdrawals from a bank account. Among other protections, the EFTA provides a way to correct transaction errors and

Virtual Money (e-money): Definition, Uses, Coverage Issues

Virtual Money (e-money): Definition, Uses, Coverage Issues

What Is Electronic Money? Electronic money refers to money that exists in banking computer systems that may be used to facilitate electronic transactions. Although its value is backed by fiat currency and may, therefore, be exchanged into a physical, tangible form, electronic money is primarily used for electronic transactions due to the sheer convenience of