Definition: Bonuses paid at fixed periods

Labour market

There are payments which are not paid regularly at each pay period whose amount and periodicity are laid down in advance irrespective of results, the activity of the enterprise or individual or collective performance, e.g. 13th or 14th month payments, holiday bonuses, etc.
Source:
Community statistics on the level and structure of labour costs 1996 - List, definition and breakdown of the variables, p.5
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