PAYMASTER Meaning and
Definition
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A paymaster is a person or entity responsible for distributing wages or salaries to employees or contractors. Technically, a paymaster could refer to an individual who is in charge of paying employees within a specific organization. In this context, the paymaster is usually a senior employee or an administrative officer who ensures that payment processes run smoothly and accurately.
Furthermore, paymaster can also refer to a financial institution, such as a bank, that offers services related to payment distribution. In this case, the bank acts as a neutral third party, receiving funds from an employer and then disbursing them to employees or contractors accordingly. By using such a paymaster, employers can alleviate the burden of managing payroll on their own.
The term "paymaster" is also relevant in a military context, where it can refer to an officer or a non-commissioned officer responsible for handling military personnel's finances. This includes matters related to military salaries, bonuses, and allowances. In this context, the paymaster plays a crucial role in maintaining accurate financial records and ensuring that servicemen and servicewomen receive their proper compensation timely.
Overall, the concept of a paymaster revolves around the crucial task of managing and distributing financial obligations to employees, contractors, or military personnel. Whether an individual within an organization or a financial institution, the paymaster's primary responsibility is to ensure that wages or salaries reach the intended recipients efficiently and accurately.
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One who is to pay; an officer in the army whose duty is to pay the troops; a naval commissioned officer who has charge of all cash payments of the vessel and of the victualling stores—formerly called a purser: to pay for, to make amends; to give an equivalent for; to bear the expense of; to pay off, to discharge; to retort or revenge upon; to requite; among seamen, to fall to leeward: to pay out, to cause to run out, as a rope; to slacken.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for PAYMASTER
Etymology of PAYMASTER
The word "paymaster" has its roots in the Middle English term "paie maistre", which originated in the 14th century. "Paie" comes from the Old French word "paier", meaning "to pay", and "maistre" translates to "master" or "chief". Therefore, the term "paymaster" refers to the person who is in charge of making payments or distributing funds to others.
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