This assignment involves creating a Java class called Employee with three instance variables: name (string), attendanceRate (double), and hoursWorked (integer). The class also includes a static variable to track the number of employee objects created. A constructor is provided, which initializes the instance data and increments the static variable. Get and set methods are required for each instance variable. Additionally, an instance method called isEligibleForBonus() is implemented, which returns a boolean indicating whether the employee is eligible for a bonus based on their attendance rate and hours worked.