GLOSSARYOFTERMS     Source: HayGroup           Basic Salary     Basic Salary is defined as the annualized Basic Payments which is made up of 12 monthly basic payments.           Base Salary     Base Salary is the sum of Basic Payments and Fixed Payments. Basic Payments is simply Basic Salary, whilst Fixed Bonus, Cost of Living, Location, and Position Allowances are classified as Fixed Payments respectively.           Guaranteed Cash     Guaranteed Cash is the sum of Base Salary and Total Near Cash Payments. Total Near Cash Payments are annualized payments used where a guaranteed cash payment has been agreed for work performed, and for the sole reason of employee tax optimization or the employer looking to avoid making compensation pensionable or 'vested', an employee is allowed to put a certain amount of money against a nominal benefit. We say nominal because there is no obligation to actually use the money for the purchase of the benefit. As no Near Cash Payments are included here, Guaranteed Cash is equal to Base Salary.           Total Short Term Variable Payments     Total Short Term Variable Payments are the actual award amounts paid during the most recent twelve-month period that are contingent on discretion, performance or results achieved. The full year award is included even where part of the payment is deferred for a period of time. Short Term Variable Payments include both company and individual performance based bonus payments.           Total Short Term Variable Payments as % of Base Salary     Total Short Term Variable Payments as % of Base Salary is Total Short Term Variable Payments awarded during the most recent twelve month period that are contingent on discretion, performance, or results achieved as a percentage of Base Salary. Percentages are only provided for jobs receiving an actual payment.           Total Cash     Total Cash is the sum of Guaranteed Cash and Total Short Term Variable Payments.           Fixed Remuneration     Fixed Remuneration is the sum of Guaranteed Cash and Total Benefits. Benefits here include cash allowances such as entertainment, housing, car, transport, meals, rental expense and all notional input cost to the organisation of all non-cash fringe benefits such as company car, mortgage subsidies, club membership, medical/health coverage, non-statutory fund contributions, leave passage, and education fees. Fixed Remuneration represents the value to the employee and it does not include any short term variable payments or statutory payments.           Total Remuneration     Total Remuneration is the sum of Fixed Remuneration and Total Short Term Variable Payments.           Fixed Employment Cost     Fixed Employment Cost is Fixed Remuneration plus all statutory payments paid by the organisation on behalf of the employee. It represents the total fixed cost to the employer of an individual's remuneration package as it does not include any short term variable payments.           Total Employment Cost     Total Employment Cost is the sum of Fixed Employment Cost Total Short Term Variable Payments.           Age     Age of incumbent in years.           Years of Service     The length of time, in years, that the employee has been with the organisation.           Years in Position     The length of time, in years, that the employee has been in the current position.