Common use of Employer's Payments Clause in Contracts

Employer's Payments. a. To a Pension Fund that is not less than 141/3% of the Exempted Salary or 12% of the Exempted Salary if the employer in addition also pays for its employee for topping up of severance pay into a Severance Pay Provident Fund or an Insurance Fund in the name of the employee in an amount of 21/3% of the Exempted Salary. If the employer has not also paid in addition to the 12% the said 21/3%, its payments shall be instead of 72% of the employee’s severance payment, only;