Wage Assignment
 |
Definition of 'Wage Assignment'The procedure of taking money directly from an employee's compensation under the authority of a court order, in order to pay a debt obligation. Wage assignments are typically a last resort of a lender to receive repayment from a borrower who has previously failed to pay their debt obligation. |
 |
Investopedia explains 'Wage Assignment'Typical reasons for a wage assignment may be items such child support payments, court fines and taxes that have gone unpaid for a prolonged period of time. Once mandated by a court and served to an employer, wage assignments are processed as part of an employer's payroll procedure -- the employee's regular paycheck is decreased by the amount of the assignment and noted on their pay stub.Employees may sometimes be able to voluntarily undergo wage assignment to pay for things like union dues or contribute to a retirement fund. |
Related Definitions
Articles Of Interest
-
Become A Certified Financial Divorce Analyst
Use your financial knowledge to help people preserve their financial integrity after a failed marriage. -
Get Through Divorce With Your Finances Intact
Find out how to split your finances without coming up short. -
Pay Attention To The Proxy Statement
Don't overlook this overview of a company's well-being. -
Lessons On Corporate Dividend Payout And Retention Ratio
Why are dividend payout and retention ratios important to consider when investing in company stock? What companies have high ratios?What constitutes a high dividend payout and retention ratio? ... -
Conglomerates: Cash Cows Or Corporate Chaos?
Huge companies may not be as infallible as previously assumed. Find out why bigger isn't always better. -
Cashing In On Corporate Restructuring
Companies use M&As and spinoffs to boost profits - learn how you can do the same. -
The Causes And Costs Of Absenteeism
Playing hooky to play golf may feel harmless, but the accumulated effect of absenteeism hurts businesses' bottom line. This article looks at the causes of absenteeism, the costs of lost productivity ... -
A Peek Into Shareholder Meetings
Shareholder meetings can be glamorous, exciting or controversial, but not particularly revelational. Here's a quick look at what to expect. -
Maintaining Work/Life Balance For Financial Professionals
Maintaining work/life balance is a challenge for most professionals in the finance industry, but it doesn't have to be that way. -
4 Traits Banks Look For In New Staff
Trust is the number one trait that banks are looking for in new hires, but there are other abilities that are equally desired.
Free Annual Reports