Pension allowance Sample Clauses

The Pension Allowance clause defines the employer’s obligation to provide a specific pension benefit or contribution to the employee as part of their overall compensation package. Typically, this clause outlines the percentage of salary or fixed amount that will be contributed to a pension fund, and may specify whether contributions are made to a company-sponsored plan or an external retirement account. Its core practical function is to ensure that employees receive retirement benefits, providing financial security for the future and clarifying the employer’s responsibilities regarding pension contributions.
Pension allowance. Each participant in the Philips flex pension scheme whose fixed pensionable salary exceeds the maximum pensionable salary from the pension scheme is entitled to a pension allowance of 15% of the difference between the fixed pensionable salary and the maximum pensionable salary. At the end of the calendar month, in conjunction with the payment of the monthly salary, the pension allowance shall be paid, taking into account the applicable part-time percentage.
View SourceView Similar (3)
Pension allowance. 7.1 In lieu of any contribution to the Pension Scheme, the Company will pay the Executive an amount equal to 20% of the Executive's base salary subject to statutory deductions in equal monthly instalments at the same time as Salary. 7.2 A contracting-out certificate is not in force in respect of the employment.
View SourceView Similar (3)
Pension allowance. The Employer will pay directly to the Executive or to a registered pension scheme (including Your Tomorrow or other registered pension scheme as defined in the Finance Act 2004) nominated by him an amount equal to 50% of the annual Reference Salary from time to time as a pension allowance. The Executive acknowledges that in signing this contract the Executive will be deemed to have opted out of the “personal accounts” arrangements due to be implemented from 2012 in the United Kingdom (except and to the extent that this is the arrangement which the Employer designates as the Scheme). Currently, a Contracting-Out Certificate pursuant to the provisions of the Pensions Act 1995 is not in force in respect of the Executive’s employment. The pension allowance paid by the Employer will not be taken into account for the purposes of calculating bonus or other such payments and shall include the Executive’s 4% flexible benefit allowance. The Executive acknowledges and agrees that any payments to or in respect of him (other than to a registered pension scheme as defined in the Finance Act 2004) under this Clause will be subject to deduction of income tax and secondary national insurance contributions and that the net amount only after such deductions shall be received by or in respect of the Executive. To the extent that any part of the pension allowance under this Clause is paid to a registered pension scheme (as defined in the Finance Act 2004) the Executive acknowledges and agrees that he will be solely liable for any annual allowance charge, special annual allowance charge or lifetime allowance charge in respect thereof.
View SourceView Similar (2)
Pension allowance. 1. The Employer will not provide for any pension provision. 2. After 30 days after the commencement of the employment contract, Employer will provide a monthly payment in the amount of 17.5% of the Employee’s most recent gross monthly base salary which may be used by the Employee for pension. This will be a gross payment.
View Source
Pension allowance. Any employee retiring between May and ▇▇▇ under the terms of the early retirement provisions or normal retirement provisions of the Plan will receive a pension benefit equal to the greater of the following calculations:
View Source
Pension allowance. Subject to clause 3.4.4, the Executive is eligible to receive an allowance of 55 per cent. of annual Basic Salary in order to fund personal pension arrangements.
View Source
Pension allowance. Subject to clause 3.4.4, the Appointee is eligible to receive an annual allowance of 50 per cent. of annual Salary (less Statutory Deductions) payable monthly in arrears, in order to fund personal pension arrangements.
View Source
Pension allowance. 8.1. A pension contribution will be paid by the Company over the gross annual base salary as per January 1 of each year as far as the gross annual base salary is payable in The Netherlands, less an offset of EURO 13,908 (indexed annually to CPI all households), and the annual bonus (as stated in article 3.2), as described in the separate letter agreement
View Source
Pension allowance. In line with your current arrangements, you will continue to be eligible to a pension cash allowance of 10% of your base salary paid pro-rata in bi-weekly installments in accordance with the standard payroll practices of the Employer. You are also eligible to participate in the Employer’s 401(k) plan, subject to the eligibility and other provisions of such plan. Should you choose to participate in the Employer’s 401(k) plan then your ongoing entitlement to the pension cash allowance will be reduced by the Employer contributions to the 401(K) plan.
View Source

Related to Pension allowance

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."

  • Vacation Allowance Employees in permanent positions are entitled to vacation with pay. Accrual is based upon straight time hours of working time per calendar month of service and begins on the date of appointment to a permanent position. Increased accruals begin on the first of the month following the month in which the employee qualifies. Accrual for portions of a month shall be in minimum amounts of one (1) hour calculated on the same basis as for partial month compensation pursuant to Section 5.8 (Salary Reallocation and Salary Reallocation) of this MOU. Vacation credits may be taken in one (1) minute increments but may not be taken during the first six (6) months of employment (not necessarily synonymous with probationary status) except where sick leave has been exhausted; and none shall be allowed in excess of actual accrual at the time vacation is taken.

  • Annual Allowance The Corporation shall pay to the Executive, in cash, in a lump sum, on the Payment Date an amount equal to two times the annual allowance to which the Executive is entitled as of the date of the Date of Termination (or, if higher, as of immediately prior to the Effective Date).

  • Separation Allowance Should it become necessary to close the plant or a portion of the plant and it is not expected that those affected will be re-employed, a separation allowance will be paid to employees subject to the following:

  • Education Allowance Provisions in existing Collective Agreements providing for educational allowances shall be continued in effect.