Meaning of Employment
Employment is the economic activity, rendered by one person to another, under a contract of service, for some remuneration.
Features of Employment
(a) Work for another
It is an occupation where a person called employee works for another person called employer.
(b) Terms and conditions
There are certain terms and conditions of work like hours of work, duration of work, leave facility, salary/wages, place of work etc.
(c) Periodical remuneration
The employees get salary normally on a monthly basis or wage normally on daily/weekly basis for their services.
(d) Contract of employment
Legally the employer-employee relationship is based on a contract and any deviation from any side permits the other party to take legal recourse.
(e) Skilled/Unskilled/semi-skilled
There are jobs for which no technical education is required for employment. But, for skilled jobs, a certain level of basic/technical education is required.
(f) Economic motive
The main purpose behind employment is to secure assured income through wages and salaries.
Nature of Business Quiz