Common use of Insurance Act Clause in Contracts

Insurance Act. The employee's normal weekly earnings shall be determined by multiplying the employee's regular hourly rate on his or her last day worked prior to the commencement of the leave times the employee's normal weekly hours, plus any wage increase or salary increment that the employee would be entitled to if he or she were not on parental leave. In addition to the foregoing, the Hospital shall pay the employee ninety- three per cent (93%) of his or her normal weekly earnings during the first one (1) week period of the leave while waiting to receive Employment Insurance Benefits. The employee does not have any vested right except to receive payments for the covered unemployment period. The plan provides that payment in respect of guaranteed annual remuneration or in respect of deferred remuneration or severance pay benefits are not reduced or increased by payments received under the plan.