Glossary
Electronic Money Institution (EMI)
A type of financial institution authorised to issue electronic money and provide payment services. Unlike traditional banks, EMIs do not typically offer full banking services like loans or deposits but focus mainly on enabling electronic payments, storing monetary value digitally, and facilitating online transactions. They are regulated to ensure the safety and security of electronic funds and provide users with convenient alternatives to cash or traditional bank transfers.
Emergency Fund
A type of safety net designed to cover unforeseen expenses. Typically, it is the amount needed to cover a person’s or household’s essential expenses for 6 months, and for self-employed individuals or those with irregular income – even up to 12 months.
Emergency Fund - glossary for children
Saved money that is kept for unexpected expenses.
Employee - glossary for children
A person who mainly does administrative or specialised work for pay, employed by an employer – another person, an organization, or a business.
Employer - glossary for children
An organisation or person who hires people to work and pays them for the work they do.
Employment Contract
A written agreement between an employee and an employer, specifying the employee’s duties, working hours, remuneration, and other rights and obligations under the Labour Code. It must include the parties’ names, job location and type, start date, working hours, pay, rest and leave, and, if applicable, contract duration.
Employment Contract - glossary for children
A written agreement between an employer and a person they hire to work. The contract describes what work needs to be done, how long it will last, and how much money will be paid.
Employment Remuneration (Salary)
Payment from the employer to the employee for work performed. It is regulated by the Labour Code and includes two main components: the basic salary and additional payments. The total is also referred to as the gross wage.
Endowment Life Insurance
An insurance product that combines life and health risk protection with a savings component. Under this type of policy, the insurer commits to pay the agreed sum either upon the occurrence of an insured event (e.g. death or permanent disability) or upon survival to the end of the contract term, regardless of whether a covered risk has occurred.
Entrepreneur - glossary for children
A person who has their own business, taking risks and using time, money, and effort to create products or services that are useful for people.
Partners
