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Common use of Contribution Rates Clause in Contracts

Contribution Rates. The Employer's contribution rate to the Pension Funds shall be eight percent (8%) of each employee's basic (gross) monthly earnings. The Employer shall also deduct, from each eligible employee's basic (gross) monthly earnings, six and one-half percent (6½%) and remit that amount together with the Employer's required contribution on behalf of each employee to the Pension Fund. Effective September 20, 2019 (effective date of the new collective agreement), the Employer contribution rate shall be reduced by two percent (2%). The Employer contributions will be restored to the previous level with fifty percent (50%) of wage increases (The Labour Component of the Annual Price Adjustment [COLA] in the Ministry of Transportation and Infrastructure Maintenance Agreement) that come into effect after the four percent (4%) in COLA increase savings are realized.

Appears in 2 contracts

Samples: Collective Agreement, Collective Agreement

Contribution Rates. ‌ (a) The Employer's contribution rate to the Pension Funds Retirement Savings Plan shall be eight nine percent (89%) of each employee's basic (gross) gross monthly earnings. The Employer shall also deduct, deduct from each eligible employee's basic (gross) gross monthly earnings, earnings six and one-half percent (6½%) and remit that amount together with the Employer's required contribution on behalf of each employee to the Pension Fund. Retirement Savings Plan. (b) Effective September 20May 1, 2019 (effective date of the new collective agreement)2019, the Employer contribution rate shall be reduced by two percent (2%). The Employer contributions will be restored to the previous level with fifty percent (50%) of wage increases (The the Labour Component of the Annual Price Adjustment [COLA] ]) in the Ministry of Transportation and Infrastructure Maintenance AgreementAgreement (Schedule 6) that come into effect after the four percent (4%) in COLA increase savings are realized.

Appears in 1 contract

Samples: Collective Agreement

Contribution Rates. (a) The Employer's contribution rate to the Pension Funds Retirement Savings Plan shall be eight nine percent (89%) of each employee's basic (gross) gross monthly earnings. The Employer shall also deduct, deduct from each eligible employee's basic (gross) gross monthly earnings, earnings six and one-half percent (6½%) and remit that amount together with the Employer's required contribution on behalf of each employee to the Pension Fund. Retirement Savings Plan. (b) Effective September 20May 1, 2019 (effective date of the new collective agreement)2019, the Employer contribution rate shall be reduced by two percent (2%). The Employer contributions will be restored to the previous level with fifty percent (50%) of wage increases (The the Labour Component of the Annual Price Adjustment [COLA] ]) in the Ministry of Transportation and Infrastructure Maintenance AgreementAgreement (Schedule 6) that come into effect after the four percent (4%) in COLA increase savings are realized.

Appears in 1 contract

Samples: Collective Agreement

Contribution Rates. The Employer's contribution rate to the Pension Funds pension plan shall be eight seven percent (87%) of each employee's basic (gross) gross monthly earnings. The Employer shall will also deduct, deduct from each eligible employee's basic (gross) gross monthly earnings, six and one-half earnings seven percent (6½%7%) and remit that amount together with the Employer's required contribution on behalf of each employee to the pension plan. All employees covered by this agreement shall participate in the BC Target Benefit Pension FundPlan. Effective September 20June 1, 2019 (effective date of the new collective agreement)2019, the Employer contribution rate shall be reduced by two percent (2%). The Employer contributions will be restored to the previous level with fifty percent (50%) of wage increases (The Labour Component of the Annual Price Adjustment [COLA] in the Ministry of Transportation and Infrastructure Maintenance AgreementAgreement [Schedule XXXX]) that come into effect after the four percent (4%) in COLA increase savings are realized.

Appears in 1 contract

Samples: Collective Agreement