Common use of INCOME PROTECTION & TRAUMA INSURANCE SCHEME Clause in Contracts

INCOME PROTECTION & TRAUMA INSURANCE SCHEME. The employer will continue to provide income protection insurance for all employees through the Protect insurance scheme. It is agreed that the premium will be collected by the Protect severance scheme at the same time as severance payments. It is agreed payments will be made for periods of all authorised absences, except for those periods where an employee is on leave without pay. The employer may continue payments if requested at the employee’s expense. It is agreed that the premium will be $20.90 per week for Tradespersons and $13.50 per week for Apprentices. From 1 December 2009 the premium will be $24.00 per week for Tradespersons and $19.90 per week for Apprentices. The above rates are inclusive of GST and stamp duty. If the premium rates increase higher than those stated above during the life of the agreement then the employer reserves the right to source an alternative insurance provider.