Jargon Buster – S

Word
Meaning

Shareholders

An owner of shares.

Shares

A proportion of a larger amount which is divided amongst a number of people which they become joint owners.

Sole Trader

A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

Special Resolution

A special resolution is a resolution of members passed by a majority of at least 75% of members entitled to vote.

Statutory / Contractual Sick Pay

Employees need to qualify for statutory sick pay (SSP), and must have been off work sick for 4 or more days in a row (including non-working days).

Statutory Adoption Pay

Statutory adoption pay has been £139.58 per week. For the first 6 weeks, the employee will be entitled to 90% of their earnings. Following this 33 weeks will be paid at the statutory adoption pay rate. Some employers do choose to pay more than the statutory rate and this will be stated within the terms and conditions of employment. From the 2nd April 2017, the rate will be £140.98.