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VACATION PAY. Payment for a period of time received by workers for vacation purposes. The time period frequently varies with length of service. During busy times or in a tight labor market, workers may be given the option of accepting vacation pay in lieu of time off.
VALIDITY. The degree to which a predictor or criterion measures what it purports to measure or demonstrates the job-relatedness of a test by showing how well an applicant will perform based on the test predictions
VEBA. Voluntary Employees’ Beneficiary Association intended to provide life, sickness, accident or other benefits to members. Usually established jointly by a company and a union.
VERTICAL LOADING. Adding duties to a job that are different from those that already in the job and that require different skills, knowledge, and abilities.
VERTICAL UNION. (See INDUSTRIAL UNION.)
VESTIBULE TRAINING. A method particularly effective for training a large number of workers, usually unskilled or semiskilled in the processes of the job, using machines and tools, directly related to the job, set up in a replica inside or outside the plant.
VESTING (VESTED RIGHTS). As commonly used in connection with pension plans, a guarantee to a worker of equity in the plan, based on contributions by the employer, should employment terminate before the employee becomes eligible for retirement. The worker usually must meet specified minimum age and service requirements for qualification. The vested worker receives the pension earned when he/she reaches retirement age, wherever he/she is then employed.
VOCATIONAL REHABILITATION ACT OF 1973. Section 503 of this act is intended to promote job access in employment for handicapped people. All employers with contracts or grants from the federal government in excess of $10,000 and who employ 50 or more people must develop formal affirmative action plans in regard to handicapped people.
VOCATIONAL TRAINING. Training for workers supplied by employers, schools, or state or federal government agencies to teach specific skills such as auto mechanics, brick laying, carpentry, and various factory skills.
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