Common use of Payment of Salary and Benefits Clause in Contracts

Payment of Salary and Benefits. The payment of salary and benefits, and the period of the leave of absence shall be as follows: (a) In the period of the programme, preceding the period of the leave, the employee will be paid a reduced percentage, in accordance with section 4 above, of the employee's annual salary. The remaining percentage of annual salary will be deferred and this accumulated amount plus any interest earned shall be retained for the participant by the Employer to finance the period of leave. (b) The calculation of interest under the terms of this Plan shall be monthly (not in advance). The interest paid shall be that which is afforded to the Employer to the month end balance of the trust account established for the purposes of the Prepaid Leave Plan as set out in writing by the Bank Branch with which the Employer deals. Interest, calculated as above, shall be applied once every six

Payment of Salary and Benefits. The payment of salary and benefits, and the period of the leave of absence shall be as follows: (a) In the period of the programme, preceding the period of the leave, the employee will be paid a reduced percentage, in accordance with section 4 above, of the employee's annual salary. The remaining percentage of annual salary will be deferred and this accumulated amount plus any interest earned shall be retained for the participant by the Employer Society to finance the period of leave. (b) The calculation of interest under the terms of this Plan shall be monthly (not in advance). The interest paid shall be that which is afforded to the Employer Society to the month end balance of the trust account established for the purposes of the Prepaid Leave Plan as set out in writing by the Bank Branch with which the Employer Society deals. Interest, calculated as above, shall be applied once every six (6) months on a compounded monthly basis, the first credit to be six