Pension Plan; Manager’s Insurance Clause Samples
Pension Plan; Manager’s Insurance. The Employer will pay to (unless agreed otherwise by the parties) an insurance company or a pension fund, subject to the Employee’s decision, for the Employee, an amount equal to 8.33% of the Salary, which shall be allocated to a fund for severance pay, and an additional amount equal to 6.25% of the Salary (and 6.5% as of January 1, 2017), which shall be allocated to a provident fund or pension plan. In addition, the Employer will deduct from the Salary an amount equal to 5.75% of the Employee’s Salary (and 6% as of January 1, 2017), which shall constitute the Employee's contribution to the insurance premium for the provident fund or pension plan. In case the Employee chooses to allocate his pension payments to an insurance policy (and not a pension fund), and if an allocation of 1.25% (from the above 6.25% allocated by the Employer to the pension savings component) shall not be sufficient for disability insurance to insure Employee for up to 75% of the Salary, the Employer will also contribute up to 1.25% of the Salary for disability insurance, provided that such insurance cost will not exceed 2.5% of the Salary, so that Company’s provident contributions shall be no less than 5%, and together- no more than 7.5%. The Employee agrees that the percentages set forth are subject to adjustment in order to comply with applicable law as amended from time to time. The Employee may choose to get the Employer payments into a mixture of insurance company and pension fund(s) in the amounts indicated above, provided that the payment for disability insurance will cover either 75% of the salary or up to the maximum payment allowed for the pension saving component and additional 2.5% for the disability insurance.
Pension Plan; Manager’s Insurance. (a) The Company and the Employee shall obtain and maintain a pension insurance to the Employee, in a Managers Insurance and/or a Pension Fund (the: "Pension Insurance"), according to the Employee's choice.
(b) The contributions to the Pension Insurance shall be as follows:
(i) In the event that the Pension Insurance is Managers Insurance- The Company shall contribute on behalf of the Employee a monthly aggregated amount equal to thirteen and a third percent (13.33%) of the Salary, in the following portions: five percent (5%) of the Salary for life insurance and pension compensation and eight and a third percent (8.33%) of the Salary on the account of severance compensation. The Company shall deduct from the Employee's Salary an aggregated amount equal to five percent (5%) of the Salary for such fund. In addition, the Company shall pay an amount of up to 2.5% of the Salary towards disability insurance.
(ii) In the event that the Pension Insurance is a Pension Fund - The Company shall contribute on behalf of the Employee a monthly aggregated amount equal to fourteen and a third percent (14.33%) of the Salary, in the following portions: six percent (6%) of the Salary for pension compensation and eight and a third percent (8.33%) of the Salary on the account of severance compensation. The Company shall deduct from the Employee's Salary an aggregated amount equal to five and a half percent (5.5%) of the Salary for such fund.
(iii) The Employee will be entitled to choose to be insured in both Manager Insurance and the Pension Fund, namely the Employee will be entitled to choose an amount of his Salary to be insured in a Manager Insurance and an amount of his Salary (being the balance of his Salary) that will be insured in a Pension Fund, all subject to the allocation percentages mentioned in Sections (a) and (b) above.
(c) The Company's allocations to the Pension Insurance on the Employee's behalf are in accordance with the general approval of the Minister of Labor and Social Welfare regarding payments by employers to a pension fund and insurance fund in lieu of severance pay (hereinafter the "General Approval"), annexed hereto as Exhibit A, pursuant to Article 14 of the Severance Payments Law, 5723-1963 (the “Severance Payment Law”), and the Employee hereby acknowledges that the amounts contributed by the Company for severance compensation under the Pension Insurance, shall be deemed to be made instead of the severance payments to which the Employee may be enti...
Pension Plan; Manager’s Insurance. 10.1. The Company shall continue to insure the Employee under an accepted 'Employee's Insurance Scheme' (the "Employees Insurance Policy") or Pension Fund (the "Pension Fund"), as per the Employee's choice, in accordance with the Extension Order for Comprehensive Pension Insurance in the Economy as revised from time to time, or any other normative arrangement replacing it, as follows: