Common use of Deferred Salary Scheme Clause in Contracts

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. 34.1 33.1. With the written agreement of the Managing Director, an employee may elect to: (a) Receive over a four-four (4) year period, 80% of the salary they would otherwise be entitled to receive in accordance with this Agreement; or (b) Receive over a two-two (2) 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 33.2. 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-four (4) year, two-two (2) year, or other deferred salary arrangement. 34.3 33.3. With reference to sub-clause 34.1 (a33.1(a), on completion of the fourth year, the employee will be entitled to twelve (12) 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 33.4. With reference to sub-clause 34.1 (b33.1(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 33.5. 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 33.6. An employee may withdraw from this arrangement prior to completing the required period outlined in sub-clause 34.1 33.1 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 33.7. The Managing Director will ensure that advise the employee to seek legal advice about superannuation arrangements and taxation effects are fully explained to before entering into the employee by the relevant Authorityarrangement. 34.8 33.8. 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. 34.1 26.1. With the written agreement of the Managing DirectorEmployer, an employee Employee may elect to: (a) Receive to receive, over a four-four year period, 80% of the salary Base 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 26.2. The Managing Director Employer will assess each application for the deferred salary scheme on its merits and give consideration to the personal circumstances of the employee 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 26.3. On completion of the fourth year, the employee will be year an Employee is entitled to twelve (12) months leave, leave and will receive an amount equal to 80% of the salary Base Salary they would were 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 deferment or an amount equal to 80that forgone as Base Salary in the past four years, whichever is the greater. (a) Up until the end of the fourth year, Employee participation in the arrangement can be temporarily suspended and deferred for a maximum of six months by agreement between the Employee and the Employer. In circumstances where the commencement date of the fifth year is not deferred by the same amount of time, the percentage of the salary paid in the fifth year of the arrangement will be proportionally reduced. (b) The commencement of the fifth year of the arrangement may, by agreement of the Employee and Employer, be deferred for a maximum of six months. (c) Employees participating in the arrangement who are granted parental leave may by agreement with the Employer temporarily suspend and defer the arrangement for a maximum of twelve months. 26.4. During periods of deferment, Employees are to be paid 100% of the salary they would otherwise be entitled to in the second year of defermentapplicable Base Salary. 34.5 26.5. Where the employee an Employee completes the required four years of deferred salary service and is not required to attend duty in the following year, the period of non-attendance shall does not constitute a break in service but shall not count and counts as service on a pro rata basis for purposes of accruing entitlements in this Agreementall purposes. 34.6 26.6. An employee Employee may withdraw from this the arrangement prior to completing the required a four year period outlined in sub-clause 34.1 by written notice. The employee Employee will receive a lump sum payment of salary foregone forgone to that time but will not be entitled to equivalent absence from duty. 34.7 The Managing Director will ensure that 26.7. Prior to applying for or withdrawing from the deferred salary scheme each Employee is to seek independent financial advice, including superannuation arrangements and taxation effects are fully explained to effects, of their participation in the employee by the relevant Authoritydeferred salary scheme. 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. 34.1 With (1) Permanent Caregivers will have access to the written agreement of 4/5 pay option, whereby they work for four (4) years at 80% pay and then take one (1) year off at 80% pay in accordance with the Managing Director, an employee may elect tofollowing: (a) Receive By written agreement between the Employer and Caregiver, a Caregiver may be paid 80% of her/his normal salary under this Agreement, and any other relevant agreement upon the expiry of this Agreement, over a four(5) five-year period, 80% of . The fifth year will then be taken as leave with pay with the accrued salary they would otherwise annualised over the year. The fifth year will be entitled to receive in accordance with this Agreement; ortreated as continuous service. (b) Receive over The leave may not be accrued unless the Employer agrees to accrual. In deciding whether to support a two-year periodparticular request for this arrangement, 80% the Employer will take into account factors such as operational requirements. To satisfy operational requirements, the number of Caregivers allowed to work under this arrangement may be restricted at any one time and/or the timing of the salary they would otherwise arrangements may need to be entitled staggered. The Employer has the absolute discretion to receive determine the operational needs in accordance with this Agreement; orregard. (c) Enter into Where 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 Caregiver is approved to the personal circumstances of the employee seeking leave. At the time of application the employee must indicate whether they are participating participate in the four-year, two-year, or other deferred salary this 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 salary shall then become the applicable salary they would otherwise be entitled to in the fourth year of defermentfor all purposes included overtime, shift penalties, superannuation, salary packaging etc. 34.4 With reference to sub-clause 34.1 (b), on completion of the second year, the employee will be entitled to six (6d) 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 A Caregiver may withdraw from this arrangement prior to completing the required period outlined by giving notice in sub-clause 34.1 by written noticewriting at any time. The employee will She/he would then receive a lump sum payment equal to the accrued credit, paid at a time agreed between the Employer and the Caregiver but not more than three (3) months from the time of salary foregone to that time but will not be entitled to equivalent absence the Caregiver’s withdrawal from dutythe arrangement. 34.7 The Managing Director will ensure that superannuation arrangements and taxation effects are fully explained (e) A Caregiver who terminates his or her employment prior to the employee by completion of the relevant Authorityfourth year will be paid the accrued credit in their final payment. 34.8 Should there be any changes to (f) Any paid leave taken during the College policy and guidelines first four (4) years of the Deferred Salary Scheme they shall arrangements will be revised by paid at 80% of the Managing Director in consultation with Caregiver’s normal salary, plus any applicable leave loading. (g) It is the Unionresponsibility of the Caregiver to investigate the impact of entering into this arrangement on her/his superannuation, taxation, salary packaging and other benefits.

Deferred Salary Scheme. 34.1 ‌ 26.1. With the written agreement of the Managing DirectorEmployer, an employee Employee may elect to: (a) Receive to receive, over a four-four year period, 80% of the salary Base 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 26.2. The Managing Director Employer will assess each application for the deferred salary scheme on its merits and give consideration to the personal circumstances of the employee 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 26.3. On completion of the fourth year, the employee will be year an Employee is entitled to twelve (12) months leave, leave and will receive an amount equal to 80% of the salary Base Salary they would were 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 deferment or an amount equal to 80that forgone as Base Salary in the past four years, whichever is the greater. (a) Up until the end of the fourth year, Employee participation in the arrangement can be temporarily suspended and deferred for a maximum of six months by agreement between the Employee and the Employer. In circumstances where the commencement date of the fifth year is not deferred by the same amount of time, the percentage of the salary paid in the fifth year of the arrangement will be proportionally reduced. (b) The commencement of the fifth year of the arrangement may, by agreement of the Employee and Employer, be deferred for a maximum of six months. (c) Employees participating in the arrangement who are granted parental leave may by agreement with the Employer temporarily suspend and defer the arrangement for a maximum of twelve months. 26.4. During periods of deferment, Employees are to be paid 100% of the salary they would otherwise be entitled to in the second year of defermentapplicable Base Salary. 34.5 26.5. Where the employee an Employee completes the required four years of deferred salary service and is not required to attend duty in the following year, the period of non-attendance shall does not constitute a break in service but shall not count and counts as service on a pro rata basis for purposes of accruing entitlements in this Agreementall purposes. 34.6 26.6. An employee Employee may withdraw from this the arrangement prior to completing the required a four year period outlined in sub-clause 34.1 by written notice. The employee Employee will receive a lump sum payment of salary foregone forgone to that time but will not be entitled to equivalent absence from duty. 34.7 The Managing Director will ensure that 26.7. Prior to applying for or withdrawing from the deferred salary scheme each Employee is to seek independent financial advice, including superannuation arrangements and taxation effects are fully explained to effects, of their participation in the employee by the relevant Authoritydeferred salary scheme. 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.