Definition of Settling-in allowance:
Money given to employees who have to relocate due to their work. The allowance is used to pay for expenses related to moving of residence such as transportation, storage costs, temporary lodging and meals. The allowance may be given in lump- sum or reimbursed upon submission of receipts.
Companies often assist employees who have to move for work, whether because of a transfer or a new job offer. In addition to a settling-in allowance, they might award a relocation allowance or direct reimbursement for relocation expenses. Relocation expenses often include transportation, accommodation, and meals for house hunting trips; temporary lodging upon arrival in the new location; as well as moving company and storage costs. Other covered expenses may include costs associated with selling and acquiring a primary residence, such as real estate commissions and other closing costs. For temporary relocation, a company might provide both a settling-in allowance and a living allowance.
A settling-in allowance is money provided as part of relocation expenses to a person who has transferred locations or moved as part of accepting a new job. A settling-in allowance may be given as a lump sum or later reimbursed by the current or new employer upon submission of related receipts. It might be used for expenses such as temporary lodging, meals, storage of personal belongings, and other incidental costs of settling in at a new location. Under some circumstances, relocation expenses may be considered taxable and included on an employee's W2.
How to use Settling-in allowance in a sentence?
- Settling-in allowances can include costs related to temporary lodging, meals, and storage of personal belongings.
- A settling-in allowance is money provided as part of relocation expenses to a person who has transferred locations or moved for a new job.
- As of Dec. 2017, settling-in allowances and relocation expenses are taxable.
Meaning of Settling-in allowance & Settling-in allowance Definition