BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to determine the terminal benefits
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to determine only the retirement benefits at time of departure
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provide clarity on the duration of the agreement
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All the above answers
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Detailed explanation-1: -The commencement date is generally the date on which an offer of employment is accepted, but it can also be the date that an employee starts work if they have been employed on a different basis previously (e.g. as a contractor).
Detailed explanation-2: -An Effective Date in a contract signifies the date which bring the operational clauses concerning the performance of contract, rights, and liabilities of the parties into effect. The Effective Date can be either prospective or retrospective, to the Execution Date.
Detailed explanation-3: -Commencement of employment means no later than the beginning of the first day on which the employee is authorized or required by the employer to be on duty on the employer’s premises or at a prescribed workplace.