Employment is a contract between two
parties, one being the employer and the other being the employee. An
employee may be defined as: "A person in the service of another under
any contract of hire, express or implied, oral or written, where the
employer has the power or right to control and direct the employee in
the material details of how the work is to be performed.".
In a commercial setting, the employer conceives of a productive
activity, generally with the intention of creating profits, and the
employee contributes labor to the enterprise, usually in return for
payment of wages.
Racked by huge housing-related losses, lender Washington Mutual will close its 175-person operations center in Boca Raton by the end of the year.
The cuts in Boca Raton are part of 1,200 layoffs nationwide -- about 2.6 percent of the bank's workforce. ''We're looking at every job and trying to determine if they're mission-critical,'' said spokeswoman Missy Latham. Jobs at the thrift's Yamato Road facility will move to San Antonio, Texas, said Latham.
The move doesn't affect Washington Mutual's South Florida branches. Washington Mutual lost more than $1.1 billion in the first quarter of this year, and the nation's largest thrift said in April it would take a $7 billion cash infusion from private investors.
