Common use of Deferred Salary Arrangement Clause in Contracts

Deferred Salary Arrangement. 10.06.1 In accordance with Canada Revenue Agency regulations an Employee may finance a leave of absence by taking a reduction in his or her regular salary over a given period prior to the leave (e.g., by taking 75% of salary for three years, an Employee would receive a payment of 75% of the normal salary during an approved leave of absence during the fourth year). An Employee who wishes to self fund a leave must initiate the procedures contained in Article 10.05.1 and receive approval for the leave prior to the period of reduced salary. 10.06.2 Benefits for Employees on self-funded leave shall be maintained in accordance with Article 10.05.11.

Deferred Salary Arrangement. 10.06.1 In accordance with Canada Revenue Agency regulations an Employee may finance a leave of absence by taking a reduction in his or her their regular salary over a given period prior to the leave (e.g., by taking 75% of salary for three years, an Employee would receive a payment of 75% of the normal salary during an approved leave of absence during the fourth year). An Employee who wishes to self fund a leave must initiate the procedures contained in Article 10.05.1 and receive approval for the leave prior to the period of reduced salary. 10.06.2 Benefits for Employees on self-funded leave shall be maintained in accordance with Article 10.05.11.

Deferred Salary Arrangement. 10.06.1 In accordance with Canada Revenue Agency regulations an Employee may finance a leave of absence by taking a reduction in his or her regular salary over a given period prior to the leave (e.g., by taking 75% of salary for three years, an Employee would receive a payment of 75% of the normal salary during an approved leave of absence during the fourth year). An Employee who wishes to self fund a leave must initiate the procedures contained in Article ARTICLE 10.05.1 and receive approval for the leave prior to the period of reduced salary. 10.06.2 Benefits for Employees on self-funded leave shall be maintained in accordance with Article ARTICLE 10.05.11.