Social Liabilities definition
Social Liabilities means the liabilities relating to the employment of the Transferred Employees, being all salaries, benefits in kind, commissions, holiday pay (including payment for accrued but untaken holiday), additional rest days (RTT), overtime compensation, seniority allowance, shift allowance, meal allowance, transportation allowance, expense reimbursement, social contributions due by the employer or on behalf of the employees (including among others social security contributions, private health insurance and other insurance), food subsidy and other employee benefits, employee profit sharing, gratification, bonuses, taxes paid in relation to the employees such as taxes on company cars or levied in relation to the grant of shares or other benefits and any pension liabilities and all other employment costs strictly relating to the Transferred Employees.
Examples of Social Liabilities in a sentence
The Buyer shall indemnify the Seller against the Social Liabilities actually incurred by the Seller in respect of the Voluntarily Transferred Employees for the period between the Effective Date and that transfer date, to the extent that those Social Liabilities exceed the amount paid by the Buyer to the Seller in respect of those Voluntarily Transferred Employees under the terms of the TSA.