| Term | Meaning |
|---|---|
| Accrual days | The number of days’ pay each year of service is worth. It rises with length of service, from 22 days in the first year to 60 days after 28 years. |
| Accrued benefit | Everything an employee has earned so far: opening balance plus every monthly accrual. |
| Activation | The final onboarding step: the admin switches an employer on once its trust is fully set up. |
| Allocation variance | How far a portfolio’s actual mix of asset types is from its policy mix. |
| Approvals monitor | The admin’s view of every decision the platform is waiting on. |
| Asset register | The list of everything a portfolio holds and what it is worth on a date. |
| Benchmark | A reference rate, such as the 91-day Treasury bill rate, that a portfolio’s return is compared with. |
| Benefit payout | The payment of a leaver’s benefit from the trust to their payout account. |
| Carrying value | What an asset is currently recorded as worth. |
| Cash account | The money a fund manager holds for one trust. |
| Classification | The state of a benefit in the ledger: live, held, disputed, settled or closed out. |
| Computation exception | An employee the monthly accrual could not calculate, usually because of missing data. |
| Employer-funded trust cash | Money the trustee has confirmed into a trust and not yet sent to the fund manager. |
| Employer profile ID | An employer’s reference on the platform, such as EMP-1792204467687-1001. Also the employer’s username. |
| EOSB | End-of-service benefit: what an employee is owed when they leave, based on salary and length of service. |
| EOSB trust | The trust that holds an employer’s employees’ benefits, kept separate from the employer’s own money. |
| EOSB treatment | How an employee’s benefit is handled: Standard, or 5-Year Close-Out where an arrangement has been agreed. |
| Expense budget | The fund manager’s plan for a trust’s running costs, by category. Spending is only allowed within an approved one. |
| Final settlement | The benefit worked out for a terminated employee; the trustee approves it before it is paid. |
| Funded amount | Confirmed payments into the trust plus investment income. |
| Funding proof | An employer’s evidence of a bank or mobile money payment into the trust. |
| Funding ratio | Funded amount divided by total liability. |
| Funding receipt | The ledger entry for a confirmed payment into the trust. |
| Fund manager (TFM) | The organisation that invests a trust’s money and pays its running costs. |
| Independent provider | A trustee or fund manager an employer appoints for its own trust, accredited by MELSS. |
| Liability | What an employer owes all its employees: the sum of their unpaid accrued benefits. |
| Liability ledger | The record of every entry that changes an employer’s liability or funding. |
| Maker and checker | The rule that the person who starts an action is never the one who confirms it. |
| Mandate | A fund manager’s appointment to manage one trust. |
| Manual recognition | Cash a fund manager records without a logged trustee transfer. |
| MELSS | The Ministry of Employment, Labour and Social Security, the regulator. |
| Month-end snapshot | A frozen copy of the asset register or variance at month-end, used for reports and ROI. |
| Monthly accrual | The increase in an employee’s benefit over one month, posted automatically after month-end. |
| NASSIT | The National Social Security and Insurance Trust number recorded for each employee. |
| Official platform provider | The national trustee or fund manager serving trusts on the official platform service model. Only one of each. |
| One-time code (OTP) | A 6-digit code sent by SMS, email and WhatsApp to confirm an action that moves or releases money. |
| Opening balance | The benefit an employee had already earned before they were registered on the platform. |
| Outstanding receipt | Part of a transfer that has not arrived yet but is still expected. |
| Payout account | Where an employee’s benefit is paid: bank, mobile money, e-wallet or SmartPay wallet. It must be verified. |
| Policy allocation | The agreed percentage for each asset type in a portfolio; must total 100%. |
| Portfolio framework | A trust’s portfolio and its policy allocation. |
| PSP | Payment service provider: a bank or mobile money operator connected to the platform. |
| Readiness checks | The six requirements an employer must meet before activation. |
| Recognition | The fund manager’s confirmation of how much of a trustee transfer arrived. |
| Regulator (GOV) | MELSS officers who verify organisations and oversee liabilities. |
| Return to trust | Money the fund manager sends back to a trust. |
| ROI | Return on investment: the gain or loss on money invested over a period. |
| Service band | An employee’s completed years of service, which decide their accrual days. |
| SmartPay wallet | A digital wallet. Employees get one on registration; employers can pay from one when linked. |
| SSA | The platform administrator role. |
| Total liability | See Liability. |
| Trustee (TRUST) | The organisation that holds a trust and controls every movement of its money. |
| Variance (cash) | Recognised amount minus logged amount. |
| Write-off | Taking an asset’s carrying value to zero when it has lost all its value. |
Glossary
Every term used on the EOSB platform, in plain words.