Income Protection Plan (IPP Sample Clauses

Income Protection Plan (IPP. All permanent full-time employees who are unable to perform their duties due to a non-occupational illness or injury are eligible for Income Protection Plan, hereafter referred to as Income Protection and or IPP benefits, based on the schedule set out below: Length of Service Benefit Level Full Salary 2/3’s Salary (Weeks) (Weeks) Less than 3 months 1 0 3 months but less than 6 months 1 1 6 months but less than 12 months 1 16 1 year but less than 2 years 2 15 2 years but less than 3 years 3 14 3 years but less than 4 years 4 13 4 years but less than 5 years 5 12 5 years but less than 6 years 7 10 6 years but less than 7 years 9 8 7 years but less than 8 years 11 6 8 years but less than 9 years 13 4 9 years but less than 10 years 15 2 10 years or over 17 0
AutoNDA by SimpleDocs

Related to Income Protection Plan (IPP

  • Income Protection All workers will be covered by the extended Incolink Leisure Time Insurance and Income protection Scheme which provides defined weekly payments ($500 per week to workers with dependants, $400 per week to workers without dependants) for up to a maximum 104 weeks in the event of an extended work absence arising from any personal illness or injury (whether or not work related). The costs of this benefit will be shared between Incolink and the company on a 30/70 basis. Agreed premium costs will be: Incolink - $2.10 per week/worker Employer - $4.90 per week/worker It is a condition of the company’s agreement to provide this benefit that premium costs be maintained at not more than the February 1998 equivalent. In the event of premium costs escalating, the parties are agreed that the benefits table will be revised downwards so as to contain premium costs within the agreed limits. To maintain this cover the company agrees to pay the amounts every week for each employee. In the event the company does not maintain the above policy, the company will be liable in full to pay equivalent benefits to an employee who meets eligibility criteria as set out in the policy document.

Time is Money Join Law Insider Premium to draft better contracts faster.