Common use of HOLIDAY PAY FUND Clause in Contracts

HOLIDAY PAY FUND. Employers pay 0.25% of the same pay reference base as is used to calculate pension premiums to the Commercial Workers’ Holiday Home Fund (Orlofsheimilisjóður verslunarmanna). The parties to this Agreement agree that the pension funds concerned shall be responsible for the collection of this fee, together with a premium of the same size to be paid to the Community Centre Fund of the Commercial Employers’ Association (Félagsheimilasjóður verslunarsamtakanna) or to other employers who are parties to this Agreement, as agreed in further detail by those paying these fees. Collection costs shall be divided equally. - See Act No. 55/1980 on Working Terms and Obligatory Pension Rights Insurance.

HOLIDAY PAY FUND. Employers pay 0.25% of the same pay reference base as is used to calculate pension premiums to the Commercial Workers’ Workers Holiday Home Fund (Orlofsheimilisjóður verslunarmanna). The parties to this Agreement agree that the pension funds concerned shall be responsible for the collection of this fee, together with a premium of the same size to be paid to the Community Centre Fund of the Commercial Employers’ Employers Association (Félagsheimilasjóður verslunarsamtakanna) or to other employers who are parties to this Agreement, as agreed in further detail by those paying these fees. Collection costs shall be divided equally. - – See Act No. 55/1980 on Working Terms and Obligatory Pension Rights Insurance.