Underpayment: meaning, definitions and examples
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underpayment
[ ˌʌndərˈpeɪmənt ]
financial context
Underpayment refers to a situation where an individual or entity pays less than the amount due or required. This can occur in various contexts, such as wages, taxes, or bills. Underpayment may be intentional, resulting from fraud or deception, or unintentional due to errors or misunderstandings. Legal consequences may arise if underpayment is deemed to violate laws or agreements. Additionally, underpayment can affect trust and relationships between employers and employees or between service providers and clients.
Synonyms
deficiency, shortfall, undervaluation
Examples of usage
- The employee reported an underpayment in their salary last month.
- The company faced penalties for underpayment of taxes.
- Underpayment of workers is a serious offense in labor laws.
Translations
Translations of the word "underpayment" in other languages:
🇵🇹 pagamento insuficiente
🇮🇳 कम भुगतान
🇩🇪 Unterzahlung
🇮🇩 pembayaran kurang
🇺🇦 недоплата
🇵🇱 niedopłata
🇯🇵 不足払い
🇫🇷 sous-paiement
🇪🇸 subpago
🇹🇷 eksik ödeme
🇰🇷 부족한 지급
🇸🇦 دفع غير كاف
🇨🇿 nedoplatek
🇸🇰 nedoplatok
🇨🇳 少付
🇸🇮 podplačilo
🇮🇸 ofgreiðsla
🇰🇿 төлемнің жеткіліксіздігі
🇬🇪 არასაკმარისი გადახდა
🇦🇿 qənaətbəxş olmayan ödəniş
🇲🇽 pago insuficiente
Etymology
The term 'underpayment' is derived from combining 'under', which means 'below' or 'less than', and 'payment', which refers to the act of giving money in exchange for goods or services. The prefix 'under-' has Old English origins, while 'payment' can be traced back to the Middle English word 'paiment', which itself came from the Old French 'paiement', rooted in Latin 'pacare' meaning 'to pacify or appease'. The concept of underpayment has evolved to encompass various financial scenarios, emphasizing the importance of fairness and accuracy in financial transactions. Its usage has increased in legal and economic discussions, especially concerning labor rights and corporate accountability. Understanding underpayment is essential in promoting ethical financial practices and ensuring equitable treatment for all parties involved in monetary exchanges.