Knowledge-Based Pay: A salary differentiation system that bases compensation on an individual’s education, experience, knowledge, skills or specialized training. Also referred to as skill-based pay.

 

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Knowledge-Based Pay: A salary differentiation system that bases compensation on an individual’s education, experience, knowledge, skills or specialized training. Also referred to as skill-based pay.

Competency-Based Pay: A compensation system that recognizes employees for the depth, breadth and types of skills they obtain and apply in their work. Also known as skill-based and knowledge-based pay.

Payment Limitation: The maximum annual amount of commodity program benefits a person can receive by law. Persons are defined under payment limitation regulations, established by USDA, to be individuals, members . . . View Full Definition

Payment Quantity: The quantity of production eligible for production flexibility contract payments under the FAIR Act of 1996. Payment quantity is calculated as the farm’s program yield (per acre) multiplied . . . View Full Definition

Payment Float: Company-written checks that have not yet cleared.

Payment Cap: A Payment Cap is the maximum amount for a payment under an Adjustable Mortgage Loan, regardless of the increase in the interest rate. If the payment is less than the interest alone, negative . . . View Full Definition

Paying Agent: An agent who makes principal and interest payments to bondholders on behalf of the issuer.

Payload: Anything that an aircraft carries beyond what is required for its operation during flight, theoretically that from which revenue is derived, such as cargo and passengers.

Payment Rate: Generally, the amount paid per unit of production (i.e., bushel, pound, hundredweight) to each participating farmer for eligible production under commodity income and price support programs.

Payment Date: The date on which shareholders of record will be sent a check for the declared dividend.