CONDITIONS OF ENTITLEMENT TO A PENSION Sample Clauses

CONDITIONS OF ENTITLEMENT TO A PENSION. All employees shall have a pension scheme in place once the following conditions have been met: The scheme covers employees who have reached the age of 18. However, the age requirement for trainees is 20 years. The employee must have been employed continuously for three months at one or more companies covered by the collective agreement. This length of service requirement is set aside in cases where the employee was already covered by an occupational pension scheme based on a collective agreement when they were hired. For employees who fulfil the aforementioned conditions, it is also the case that other conditions agreed between the parties in order to achieve risk coverage and receive insurance benefits must be met. For employees who have reached retirement age and where it is not possible to pay premiums for risk insurance, the full pension contribution goes to the old age pension. For employees who receive old age pension benefits but are still active on the labour market and fulfil the conditions for entitlement to the pension scheme, the company’s pension contributions go to an annuity/early retirementearly retirement pension without insurance elements. The company and the employee can enter into an agreement on the company’s contribution being paid as an allowance not giving entitlement to holiday which is paid out annually together with the holiday allowance stipulated in the Danish Holiday Act, cf. section 23(2) of the Act. If the employee leaves, this will be paid together with the last wage payment. Employees who have reached the age of 60 and are not already covered by a pension scheme will not be enrolled in an occupational pension scheme. The company’s pension contribution shall be paid to these employees together with their holiday allowance, cf. section 23(2) of the Danish Holiday Act.
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CONDITIONS OF ENTITLEMENT TO A PENSION. All employees shall have a pension scheme in place once the following conditions have been met: The scheme covers employees who have reached the age of 18. However, the age requirement for trainees is 20 years. The employee must have been employed continuously for three months at one or more enterprises covered by the collective agreement. This length-of-service requirement is set aside in cases where the employee was already covered by an occupational pension scheme based on a collective agreement when they were hired. For employees who fulfil the aforementioned conditions, it is also the case that other conditions agreed between the parties in order to achieve risk coverage and receive insurance benefits must be met. For employees who have reached retirement age and where it is not possible to pay premiums for risk insurance, the full pension contribution goes to the old-age pension. For employees who receive retirement benefits but are still active on the labour market and fulfil the conditions for entitlement to the pension scheme, the enterprise’s pension contributions go to an annuity/early old-age pension without insurance elements. The enterprise and the employee can enter into an agreement on the enterprise’s contribution being paid as an allowance not giving entitlement to holiday which is paid out annually together with the holiday allowance stipulated in the Danish Holiday Act. When the employee leaves, this will be paid together with the final wage payment. Where it has been agreed between the enterprise and the employee that the enterprise’s contribution is paid together with the holiday allowance, the enterprise can from 1 May 2020 choose to pay the enterprise contribution on an ongoing basis with the wage as an allowance not giving entitlement to holiday. For employees who reach retirement age on 1 May 2020 or later, the following applies: If the employee is still in employment after reaching retirement age, the employee must first choose whether pension savings are to continue (if possible), or whether the pension contribution is to be paid on an ongoing basis as an allowance not giving entitlement to holiday. The insurance coverage ceases when the employee reaches retirement age. If the employee does not make a choice, the enterprise continues to pay into the pension scheme. Employees who have reached the age of 60 and are not already covered by a pension scheme will not be enrolled in an occupational pension scheme. The enterprise’s pens...
Sample 1

Related to CONDITIONS OF ENTITLEMENT TO A PENSION

  • Conditions to Xxxxx’x Obligations The obligations of Xxxxx hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by Xxxxx of a due diligence review satisfactory to Xxxxx in its reasonable judgment, and to the continuing satisfaction (or waiver by Xxxxx in its sole discretion) of the following additional conditions:

  • Conditions to Obligations of Each Party The respective obligations of each Party to perform this Agreement and consummate the Merger and the other transactions contemplated hereby are subject to the satisfaction of the following conditions, unless waived by both Parties pursuant to Section 11.6:

  • Conditions to the Obligations of Each Party The obligations of the Company, Parent and Merger Sub to consummate the Merger are subject to the satisfaction or waiver (where permissible) of the following conditions:

  • Conditions Precedent to Obligations of Each Party The obligations of each Party to effect the Merger and otherwise consummate the Contemplated Transactions to be consummated at the Closing are subject to the satisfaction or, to the extent permitted by applicable Law, the written waiver by each of the Parties, at or prior to the Closing, of each of the following conditions:

  • GENERAL CONDITIONS OF CONTRACT (National Treasury - General Conditions of Contract (revised July 2010))

  • Conditions to Obligations of Each Party to Effect the Merger The respective obligations of each party to this Agreement to effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of the following conditions:

  • Conditions to the Obligations of Sellers The obligation of Sellers to effect the Closing is subject to the satisfaction (or waiver) prior to the Closing of the following conditions:

  • Conditions to the Obligations of Seller The obligations of Seller to consummate the transactions contemplated hereby to occur at the Closing are subject to the satisfaction of each of the following conditions, unless waived in whole or in part in writing by Seller: (a) The representations and warranties of Purchaser set forth in this agreement must be true and correct in all material respects (provided that any representation or warranty contained herein that is qualified by a materiality or material adverse effect qualification shall not be so qualified for purposes of determining the existence of any breach thereof by Purchaser) as of the date of this agreement and as of the Closing Date as though made on and as of the Closing Date (except for any representation or warranty that is limited to an earlier date, in which case such representation or warranty shall have been true and correct only as of such earlier date); (b) Purchaser must have performed in all material respects all obligations under its covenants and agreements required by this agreement to be performed by Purchaser on or before the Closing Date; (c) Purchaser must have delivered to Seller a certificate, dated the Closing Date and signed by an authorized representative of Purchaser, as to the satisfaction of the conditions in the foregoing subsections; (d) Purchaser must have delivered to Seller or other specified persons the documents, instruments, certificates and other items required to be delivered by Purchaser pursuant to section 5.2; (e) There must not be in effect any temporary restraining order, preliminary or permanent injunction, stay or other order issued by any Governmental Authority preventing the consummation of the transactions contemplated hereby to occur at the Closing must be in effect; and (f) No law must have been enacted, issued, enforced, entered, or promulgated that prohibits or makes illegal the consummation of the transactions contemplated hereby.

  • CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER The obligation of Seller to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction, on or before the Closing Date hereunder, of each of the following conditions, all or any of which may be waived, in whole or in part, by Seller.

  • Conditions Precedent to Obligations of Sellers The obligations of Sellers to consummate the transactions contemplated by this Agreement are subject to the satisfaction (or waiver by Sellers’ Representative in writing) of the following conditions as of the Closing Date:

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