Common use of Cashing Out Long Service Leave Clause in Contracts

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. After ten years’ years service with the Employer, a Principal an Employee 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 and Territory Long Service Leave legislation to ‘cash out’ long service leave; (b) the Principal Employee must elect in writing to cash out this extra portion of Long Service Leave; and (c) the PrincipalEmployee’s entitlement to long service leave will be reduced by the extent of such payment.

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 minimum leave entitlements under applicable State or Territory long service leave legislation must remain after a portion of Long Service Leave that may be is cashed out must not include the minimum leave entitlement under applicable State or Territory Long Service Leave legislationout. This is because it is prohibited to cash out long service leave under State or Territory Long Service Leave legislation to ‘cash out’ long service leaveleave legislation; (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.