Cashing Out Long Service Leave. Employees who are eligible to access their accruals of long service leave (i.e. after seven (7) years’ service) may apply, to the employer, in writing to “cash out” a proportion of such leave instead of taking leave. Provided that:
(a) at least five (5) weeks must be retained at any point of time to use as long service leave, in accordance with clause 6.3 and Schedule 15 of this Agreement;
(b) the employee may apply to combine the cash out of some long service leave with the taking of some long service leave. In this case, the time taken in long service leave may be deducted from the minimum retained five (5) weeks leave, as prescribed in sub- clause 6.3.10
(a) above.
Cashing Out Long Service Leave. (a) An employee who has a long service leave accrual in excess of three (3) months may apply to convert part of that amount to a monetary equivalent of long service leave.
(b) This subclause will override any provision of the NSW Long Service Leave Act 1955 which is inconsistent with this clause.
Cashing Out Long Service Leave. After ten years’ service with the Employer, a Principal may elect to ‘cash out’ a portion of their long service leave as follows:
(a) the portion of Long Service Leave that may be cashed out must not include the minimum leave entitlement under applicable State or Territory Long Service Leave legislation. This is because it is prohibited under State or Territory Long Service Leave legislation to ‘cash out’ long service leave;
(b) the Principal must elect in writing to cash out this extra portion of Long Service Leave; and
(c) the Principal’s entitlement to long service leave will be reduced by the extent of such payment.
Cashing Out Long Service Leave. 39.5.1 Subject to the approval of the Director, Human Resources, a Staff Member may cash out accrued LSL, provided that the Staff Member retains 487.5 hours (65 days) of accrued LSL.
39.5.2 The Director, Human Resources may approve the cashing out with retention of a lesser amount of accrued LSL, subject to exceptional circumstances only.
Cashing Out Long Service Leave. Employees are entitled to cash out their accrued long service leave after becoming eligible for long service leave on compassionate grounds or on the ground of financial hardship.
Cashing Out Long Service Leave. Employees with 7 or more years of service may apply to cash out a portion of their accrued long service leave under the following conditions: • The application will be in writing. • Employees must have at least 9.1 weeks of long service leave remaining after they have cashed out a portion of their long service leave. • Employees may make such an application at a time/s each year designated by the Company or in conjunction with taking a period of long service leave. In considering the employee’s application, the Company will take into account the potential impact on the employee in terms of workplace health and safety. The cashed out long service leave forms part of the employee’s taxable income for the year, therefore, the Company will deduct the relevant amount for taxation purposes. Employees who cash out long service leave will have that amount of leave deducted from their balance.
Cashing Out Long Service Leave. An employee who has a long service leave accrual in excess of 3 months may apply to convert part of that amount to a monetary equivalent of long service leave.
Cashing Out Long Service Leave. By written approval of a Managing Director an employee’s accrued long service leave may be paid out (equivalent benefit) instead of taken.
Cashing Out Long Service Leave. Employees who are eligible to access their accruals of long service leave (ie after 7 years service) may apply, to the employer, in writing to “cash out” a proportion of such leave instead of taking leave. Provided that:
(i) At least 5 weeks must be retained at any point of time to use as long service leave, in accordance with clause 6.3 and Schedule 23 of this Agreement;
(ii) The employee may apply to combine the cash out of some long service leave with the taking of some long service leave. In this case, the time taken in long service leave may be deducted from the minimum retained 5 weeks leave, as prescribed in sub- clause 6.3.9
(i) above. (For example, 13 weeks accrued long service leave may be taken as 8 weeks cashed out, 3 weeks in leave actually taken and 2 weeks long service leave retained for another time);
(iii) “Cashing out” of long service leave may only occur once in any 5 year period;
(iv) The notice period required to cash out some long service leave only is a minimum of 4 weeks (or less by mutual agreement with the employer); and
(v) The employee seeks independent financial advice prior to making application to “cash out” their long service leave. The existing arrangements for making application for long service leave would continue in the present form.
Cashing Out Long Service Leave. 3.8.4.1 In circumstances where a staff member has become eligible for long service leave, that staff member may elect to cash out a portion of their accrued Long Service Leave credits such that either:
(i) the staff member will retain a minimum balance of nine (9) weeks, or
(ii) the staff member may apply to take a period of long service leave and may also apply to cash out an equivalent amount of long service leave.
3.8.4.2 The staff member will receive payment at the rate equivalent to the amount the staff member would have received for working their ordinary hours during the period of long service leave to be cashed out.
3.8.4.3 In addition to the application to cash out some of their long service leave, the staff member must provide written notice to the University stating that they wishes to forego taking the Long Service Leave.
3.8.4.4 If a staff member wishes to forego an entitlement to take an amount of Long Service Leave (in accordance with this clause) the University will pay the staff member, within a reasonable timeframe, the amount of monies the staff member is entitled to receive in lieu of the amount of Long Service Leave.
