Common use of Contributions to a Severance Fund Clause in Contracts

Contributions to a Severance Fund. (i) It is agreed that the Employer will make weekly Severance payments (payable on a monthly basis as determined by PROTECT) to the PROTECT Severance Fund for all Employees, except directors and apprentices, covered by this Agreement. (ii) The Employer severance contribution provided for in this clause will be set off against the redundancy entitlements that would otherwise apply under the NES (referred to in clause 19.5(a) of this Agreement), provided that where the Employer has not made sufficient contributions into the Employee’s Severance Fund to satisfy these obligations, the Employer shall make up the difference and pay the said Employee at the time of termination. This clause applies regardless of whether the Employee is actually paid a benefit from the fund at the time of the redundancy or elects not to claim a severance payment at the time of redundancy. (iii) Severance Payments are to be made for periods when Employees are on: (A) pay; (B) any form of paid leave; (C) WorkCover payments; (D) Co-invest Long Service Leave; (E) Income protection insurance payments (unless severance payments are made by a third party, eg. Insurer); or (F) Unpaid leave due to injury/illness, compassionate grounds (of less than a month or unless otherwise agreed) or taken pursuant to this Agreement or the NES. (iv) Payments are not required for periods when Employees are on unpaid leave for personal recreation reasons or the like, unless otherwise agreed. (v) No contributions are required to be paid for Employees while engaged solely in the Cottage sector or Country work. (vi) For Employees (other than apprentices), contributions will be at the following rates: (A) $95.00 per week; (B) $100.00 per week from 1 October 2022; (C) $110.00 per week from 1 October 2023; (D) $120.00 per week from 1 October 2024.

Contributions to a Severance Fund. (i) It is agreed that the Employer will make weekly Severance payments (payable on a monthly basis as determined by PROTECT) to the PROTECT Severance Fund for all Employees, except directors and apprentices, covered by this Agreement. (ii) The Employer severance contribution provided for in this clause will be set off against the redundancy entitlements that would otherwise apply under the NES (referred to in clause 19.5(a) of this Agreement), provided that where the Employer has not made sufficient contributions into the Employeeemployee’s Severance Fund fund to satisfy these obligations, the Employer shall make up the difference and pay the said Employee employee at the time of termination. This clause applies regardless of whether the Employee employee is actually paid a benefit from the fund at the time of the redundancy or elects not to claim a severance payment at the time of redundancy. (iii) Severance Payments are to be made for periods when Employees employees are on: (A) pay; (B) any form of paid leave; (C) WorkCover payments; (D) Co-invest Long Service Leave; (E) Income protection insurance payments (unless severance payments are made by a third 3rd party, eg. Insurer); or (F) Unpaid leave due to injury/illness, compassionate grounds (of less than a month or unless otherwise agreed) or taken pursuant to this Agreement or the NES. (iv) Payments are not required for periods when Employees employees are on unpaid leave for personal recreation reasons or the like, unless otherwise agreed. (v) No contributions are required to be paid for Employees employees while engaged solely in the Cottage sector or Country work. (vi) For Employees employees (other than apprentices), contributions will be at the following rates: (A) $95.00 70.00 per week; (B) $100.00 75.00 per week from 1 October 20222013; (C) $110.00 80.00 per week from 1 October 2023; (D) $120.00 per week from 1 October 20242014.