Deferred Salary Scheme. Employees may apply to have their salary payments deferred in accordance with the provisions of this clause.
Deferred Salary Scheme.
7.6.1 Employees who have completed three (3) consecutive years' full-time service with the employer at the time of application may apply to be included in a deferred salary scheme. The scheme will enable employees, over a five-year period, to receive eighty per cent (80%) salary for the first four (4) continuous years of the nominated period, and take the fifth (5th) year as special leave, using the accumulated reserves of deferred salary.
7.6.2 The following principles for the scheme will apply:
(a) an employee will make application to participate in the deferred salary scheme a minimum of three (3) calendar months before such participation is to begin.
(b) to be eligible for participation in the deferred salary scheme, employees must seek advice from a qualified financial advisor and superannuation fund regarding individual implications for taxation and superannuation.
(c) the fifth (5th) year of any deferred salary agreement must be taken as special leave. The rate of pay will be the accumulated surplus retained over the preceding four (4) years. Deferred salary benefits cannot be accrued beyond the five (5) years of the agreement. Any interest on the accrued deferred salary component will be utilised to offset the cost of the scheme.
(d) an employee will not, during any period in which the employee is on such special leave, engage in any other remunerative employment of a kind performed by the employee in the employment from which the employee was granted special leave.
(e) superannuation entitlements and employer contribution rates will be governed by the relevant Superannuation Guarantee Contribution legislative provisions (that is, the SGC component will be paid on the four (4) years worked and paid);
(f) the five (5) year agreement period counts as four (4) years' service for the purpose of accruing long service leave;
(g) the employee's substantive position will be preserved for the fifth (5th) (special leave) year.
(h) any outstanding long service leave entitlements of ten (10) weeks or more can be taken as part of the fifth (5th) special year;
(i) any employee who withdraws from the scheme will be paid the exact monies contributed to the scheme, with no interest payable. These funds will be paid as a lump sum unless otherwise negotiated with the employer;
(j) without prejudicing any other circumstances where an employee withdraws from the scheme, an employee who ceases to be employed by the employer will be deemed to have withdrawn from the sc...
Deferred Salary Scheme. Teachers may apply to have their salary payments deferred in accordance with the provisions of this clause.
Deferred Salary Scheme. 17.1 Permanent Employees may seek to join the Employer’s deferred salary scheme.
17.2 Successful applicants may defer twenty per cent of their salary for the first four years and be paid the deferred salary in the fifth year.
Deferred Salary Scheme. 38.2.1 An employee may apply to work within the parameters of the Deferred Salary Scheme. There are three options available:
(a) Completing 4 years’ service paid at 80% of salary to obtain 1 year's leave also paid at 80% of salary; or
(b) Completing 4.5 years’ service paid at 90% of salary followed by 6 months’ leave paid at 90% of salary; or
(c) Completing 2 years’ service paid at 80% of salary followed by 6 months’ leave paid at 80% of salary.
38.2.2 Employees are responsible for informing themselves of all implications of the Deferred Salary Scheme before entering into such an arrangement.
38.2.3 The period of leave taken in accordance with this Clause shall not constitute a break in service and shall count as service for all purposes. However the leave shall not count as service for salary increments.
38.2.4 An employee may elect to maintain superannuation contributions based on the full-time rate, or to alter contributions to the appropriate proportion of the new salary. An employee who elects to maintain contributions based on the full-time rate shall be responsible for paying the difference between the employer's proportional contribution and the employer's contribution based on the full-time rate.
38.2.5 An employee may withdraw in writing from the Deferred Salary Scheme prior to completing the required period of service, in which case a lump sum payment of salary foregone to that time will be made. The employee shall not be entitled to an equivalent absence from duty. Where it is no longer possible to offer the Deferred Salary Scheme, the Scheme will cease with effect from that date.
Deferred Salary Scheme. 18.1 TAFE Managers may seek to join the Employer’s deferred salary scheme.
18.2 Successful applicants may defer twenty per cent of their salary for the first four years and be paid the deferred salary in the fifth year.
18.3 The deferred salary scheme does not apply to temporary TAFE Managers.
18.4 TAFE Managers employed on a specified term contract may apply to join the Employer’s deferred salary scheme subject to approval from the Institute Director and provided that the remaining contracted period would allow effective operation of the salary deferral scheme.
Deferred Salary Scheme. 1Employees who have completed three (3) consecutive years' full time service with the employer at the time of application may apply to be included in a deferred salary scheme. The scheme will enable employees, over a five-year period, to receive 80% salary for the first four continuous years of the nominated period, and take the fifth year as special leave, using the accumulated reserves of deferred salary.
Deferred Salary Scheme. 34.1 With the written agreement of the Managing Director, an employee may elect to:
(a) Receive over a four-year period, 80% of the salary they would otherwise be entitled to receive in accordance with this Agreement; or
(b) Receive over a two-year period, 80% of the salary they would otherwise be entitled to receive in accordance with this Agreement; or
(c) Enter into a similar arrangement involving different periods of time, as agreed by the Managing Director.
34.2 The Managing Director will assess each application for deferred salary scheme on its merits and give consideration to the personal circumstances of the employee seeking leave. At the time of application the employee must indicate whether they are participating in the four-year, two-year, or other deferred salary arrangement.
34.3 With reference to sub-clause 34.1 (a), on completion of the fourth year, the employee will be entitled to twelve (12) months leave, and receive an amount equal to 80% of the salary they would otherwise be entitled to in the fourth year of deferment.
34.4 With reference to sub-clause 34.1 (b), on completion of the second year, the employee will be entitled to six (6) months leave, and receive an amount equal to 80% of the salary they would otherwise be entitled to in the second year of deferment.
34.5 Where the employee completes the required years of deferred salary service and is not required to attend duty in the following year, the period of non-attendance shall not constitute a break in service but shall not count as service for purposes of accruing entitlements in this Agreement.
34.6 An employee may withdraw from this arrangement prior to completing the required period outlined in sub-clause 34.1 by written notice. The employee will receive a lump sum payment of salary foregone to that time but will not be entitled to equivalent absence from duty.
34.7 The Managing Director will ensure that superannuation arrangements and taxation effects are fully explained to the employee by the relevant Authority.
34.8 Should there be any changes to the College policy and guidelines of the Deferred Salary Scheme they shall be revised by the Managing Director in consultation with the Union.
Deferred Salary Scheme. 45.1. With the written agreement of the Employer, an Employee may elect to receive, over a four (4) year period, eighty (80) per cent of the salary/wage they would otherwise be entitled to receive in accordance with the General Agreement.
45.2. On completion of the fourth year, an Employee will be entitled to twelve (12) months leave and will receive an amount equal to eighty (80) per cent of the salary/wage they were otherwise entitled to in the fourth year of deferment.
45.3. Where an Employee completes four (4) years of deferred salary/wage service and is not required to attend duty in the following year, the period of non-attendance shall not constitute a break in service and shall count as service on a pro rata basis for all purposes.
45.4. An Employee may withdraw from this scheme prior to completing a four-year period by written notice. The Employee will receive a lump sum payment of salary/wage forgone to that time but will not be entitled to equivalent absence from duty.
45.5. The Employer will ensure that superannuation arrangements and taxation effects are fully explained to the Employee by the relevant authority. The Employer will put any necessary arrangements into place.
Deferred Salary Scheme. All permanent staff may participate in the Centre’s Deferred Salary Scheme.
(1) With the agreement of the Centre, an employee may receive over a period of four years 80% of the salary they would otherwise be entitled to receive in accordance with this agreement.
(2) On completion of the fourth year an employee will be entitled to one year (12 months) leave and will receive an amount equal to 80% of the salary they were otherwise entitled to in the fourth year of deferment.
(3) The fifth year (year of non-attendance) shall not constitute a break in service nor shall it count as service for purposes of accruing entitlements.
