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a specific problem, or to cover before a more permanent member of staff is recruited or to cope with a seasonal upsurge in demand. As these stop-gap managers are often self-employed, the companies using their services can save many employment costs.
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clearing bank (G2)<br />A UK coMMERCIAL BANK which accepts deposits from the public and gets its name from being a member of the clearing house which 'clears' cheques by settling interbank indebtedness. There are separate sets of clearing banks for England and Wales, Scotland and Northern Ireland. The Scottish and Northern Irish banks also have the right to issue banknotes. A bank of this kind is distinguished from other financial intermediaries in that its reserves are the monetary liabilities of the government sector, i. e. bills, bonds and deposits with the central bank.
<strong>PSI</strong> – Postsecondary Institution.
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profit-related pay (J3)<br />Employee remuneration cons1stmg of, or based on, PROFITS as well as wages and salaries. This form of pay has the advantages of fluctuating with profits, so that a firm's wage bill falls in bad times and rises only in times of prosperity, and possibly influencing worker behaviour as the divide between ownership and employment is bridged by giving employees two types of factor income. There are long-established examples of this approach, e.g. granting Scottish fishermen shares of the proceeds from each catch of fish, and profit distributions to Japanese workers. With fiscal encouragement and a managerial desire to reward increased performance without raising labour costs, there are likely to be more pay schemes related to profits. One disadvantage of this type of pay is that employees may resist further recruitment of staff as more employees will reduce per capita entitlements to profit.
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