PROTECTION OF EMPLOYEE ENTITLEMENTS. The Company accounts to date have demonstrated financial strength, as stated for the public record in the Company’s annual report. The Company will continue to provide in its accounts for the accrued benefits of all employees that it has a present obligation to pay so that employee entitlements can be paid when those entitlements fall due. Accrued benefits will be based on wage rates at the time entitlements are payable.
PROTECTION OF EMPLOYEE ENTITLEMENTS. Long Service Leave
23.1 The company shall protect each employee’s long service leave benefits by making monthly contributions into an agreed trust fund such as the National Entitlements Security Trust (“NEST”).
23.2 The monthly contributions for each employee must continue while ever the employee is being paid.
23.3 The contributions shall be calculated in accordance with the provisions of this agreement or any relevant legislation, whichever provides the greater benefit to employees.
23.4 Nothing in this clause shall affect an employee’s rights to paid long service leave. (Note: the terms “transmission of business”, “transmittor”, etc in this clause have the same meaning as in Part 3, Division A, clause 7.)
23.5 If a transmission of business occurs, in order to protect the employees’ accrued entitlements the transmittor will pay its employees’ accrued entitlements into NEST prior to the transmission occurring.
23.6 The employees’ accrued entitlements will be calculated to the date on which the transmission occurs. Entitlements will be calculated in accordance with the Award as augmented by this agreement (in particular, see 23.7, below).
23.7 The accrued entitlements to be paid into NEST are: ▪ long service leave; ▪ severance pay; ▪ annual leave including loading; ▪ personal leave; and ▪ other similar benefits.
23.8 If a transmission of business is likely, contemplated, or will definitely occur, the parties shall meet before the transmission takes effect to make arrangements to implement this clause. In the course of any meetings pursuant to this requirement the company must provide the employees with all relevant information relating to the financial viability of the company.
23.9 The parties may agree on other means to secure the employees’ accrued entitlements on transmission such as an agreed timetable of staged payments into an industry fund such as NEST, a bank guarantee, an insurance bond or an arrangement to secure assets equivalent to the total amount of accrued entitlements.
23.10 In the event of a transmission of business occurring the continuity of the employment of employees shall be deemed not to have been broken by reason of such transmission; and the period of employment which the employee has had with the transmittor or any prior transmittor shall be deemed to be service of the employee with the transmittee.
PROTECTION OF EMPLOYEE ENTITLEMENTS. The parties agree that in the event that a transmission of business is to occur as defined in the Incorporated Award Terms and in order to protect employees accrued annual leave entitlements, that the company shall either pay employee entitlement into an agreed industry fund, or enter into bank guarantee, insurance bond or other arrangement to secure assets equivalent to the total amount of such accrued entitlements prior to the transmission occurring. The accrued entitlements will be calculated to the date on which the transmission of business will occur. Entitlements will be calculated in accordance with the Incorporated Award Terms, legislation or as specified within this agreement. Further, the employer agrees that in the event of a transmission of business, the Employer will consult with employees and employee representatives before the transmission of business to monitor the implementation of this sub-clause and the Employer agrees, having regard for confidentiality, that it will table information relevant to the financial viability of the Employer. Any dispute or issue in connection with the operation of this clause will be resolved in accordance with the dispute resolution procedure set out in this agreement. The operations of this sub-clause will not change the provision or the application of clause 15.4 “transmission of business” of the Incorporated Award Terms.
PROTECTION OF EMPLOYEE ENTITLEMENTS. The Company acknowledges the concerns of employees regarding the protection and preservation of accrued employee entitlements and fully supports the Federal Government’s on-going maintenance and enhancement of the General Employee Entitlements and Redundancy Scheme (XXXXX). The Company is a part of a publicly listed corporation that is required by law to publish an audited annual report, which outlines its financial position, including accruals for Employees’ statutory entitlements. The Company and its Directors are fully aware of the legal requirements imposed by the Corporations Act and the severe penalties that apply for any breach of the provisions of that Act. The Company has and will continue to ensure that it makes sufficient provision to meet its obligations regarding accrued employee entitlements. In all previous instances where the Company has implemented business closures and/or retrenchments, the Company has without exception, ensured that all Employees receive 100% of their accrued entitlements. In the event of the closure and or sale of part or all of the Company’s Plant, the Company guarantees that it has sufficient provision to cover and pay all relevant Employee entitlements. As part of ensuring that Employees remain informed of the Company’s financial position, the Company commits to the on-going provision of summarized financial performance information relevant to the Company as a whole (in line with the reporting requirements of both the Australian and New Zealand Stock Exchanges), via meetings with the Employee Consultative Committee.
PROTECTION OF EMPLOYEE ENTITLEMENTS. The Laminex Group (the Company) acknowledges the concerns of employees regarding the protection and preservation of accrued employee entitlements and fully supports the Federal Government’s on-going maintenance and enhancement of the General Employee Entitlements and Redundancy Scheme (XXXXX). The Company is a part of a publicly listed corporation that is required by law to publish an audited annual report, which outlines its financial position, including accruals for employee’s statutory entitlements. The Company and its Directors are fully aware of the legal requirements imposed by the Corporations Act and the severe penalties that apply for any breach of the provisions of that Act. The Company has and will continue to ensure that it makes sufficient provision to meet its obligations regarding accrued employee entitlements. In all previous instances where the Company has implemented business closures and/or retrenchments, the Company has without exception, ensured that all employees receive 100% of their accrued entitlements As part of ensuring that employees remain informed of the Company’s financial position, the Company commits to the on-going provision of summarised financial performance information relevant to the company as a whole (in line with the reporting requirements of both the Australian and New Zealand Stock Exchanges) including information relating to accruals for employee entitlements, via twice a year meetings with the employees.
PROTECTION OF EMPLOYEE ENTITLEMENTS. 27.1 It is agreed that in the event that a transmission of business is to occur, the company will meet with the employees before the transmission takes effect to discuss likely the effects of the transmission on the employees, measures to avert or mitigate the adverse affects of the transmission and the protection of employees’ accrued annual leave entitlements. The company shall give prompt consideration to matters raised by the employees.
27.2 The operation of this sub-clause will not change the provisions or the application of clause 4.4.2 of the Award which has been incorporated into this Agreement.
PROTECTION OF EMPLOYEE ENTITLEMENTS. The Company will continue to provide in its accounts for the accrued benefits of all Employees that it has a present obligation to pay so that Employee entitlements can be paid when those entitlements fall due. Accrued benefits will be based on wage rates at the time entitlements are payable.
PROTECTION OF EMPLOYEE ENTITLEMENTS. 58.1 The company will provide an auditors report annually to certify the company’s ability to meet its financial liabilities to employees with respect to their accumulated entitlements. This report shall be provided in conjunction with the annual financial audit of the business. The auditors report will verify:
58.1.1 The total value of the accumulated entitlements which have been provided for in the company’s financial statements and as applicable to employees who are covered by this agreement.
58.1.2 A statement from the audit firm attesting to the ability of the company to meet its financial obligations with respect to the accumulated entitlements that are provided for in the financial statements.
58.2 The company shall provide a copy of the annual auditor’s report, as required under this clause, to the NSW Branch Secretary of the Transport Workers Union. A copy shall also be posted on site notice boards for perusal by the employees."
PROTECTION OF EMPLOYEE ENTITLEMENTS. (a) The Company is committed to meeting its obligations to pay employee entitlements as and when they fall due. The Company’s commitment is supported by its financial integrity and resources, and
(b) If there is a sale of the Company’s business or a part of its business and an employee accepts employment with the purchaser of the business, a letter confirming employee entitlements (Annual Leave, Long Service Leave and Sick Leave) will be provided to that employee.
PROTECTION OF EMPLOYEE ENTITLEMENTS. 1.10.1 The parties to this agreement acknowledge that employees have concerns about the preservation of their accrued entitlements. The Company has provided a letter contained at Appendix 4 of this agreement from the Boeing Company guaranteeing the payment of employee entitlements on closure. This letter forms an attachment to this agreement. All references to either Hawker de Havilland Pty Ltd or Aerospace Technologies of Australia Ltd contained within the letter shall now mean Hawker de Havilland Aerospace Pty Limited.
