Common use of Redundancy Contributions Clause in Contracts

Redundancy Contributions. 23.1 The Employer will ensure that a weekly amount is paid equal to the following: • $77.00 per Employee effective first pay period from commencement; • $81.00 per Employee effective first pay period July 2022; • $85.00 per Employee effective first pay period July 2023; and • $89.00 per Employee effective first pay period July 2024. 23.2 Apprentice contributions shall be calculated using the following percentage of the trade rate: • 1st stage – 50%; • 2nd stage – 60%; • 3rd stage – 75%; and • 4th stage – 90%. 23.3 The following funds have been identified as applicable for the purposes of the provision of redundancy Trust Funds: • All classifications under this agreement : XXXX 23.4 Where the Employee is with XXXX and their balance in the Employee's Redundancy fund reaches $15,000.00 or an amount that equals 10 weeks' wages, the Employee will have the option to continue to have contributions paid to their Redundancy fund. It is the Employee's option only. If the employee opts, they can have the equivalent monies directed as a co-contribution into their superannuation. Where an Employee exercises (or has exercised) this option, his or her Redundancy entitlement will be deemed met for all current and future entitlements arising from the current employment engagement. 23.5 In the case of contributions made to Employees who have XXXX redundancy account, the Employer must also contribute the amounts prescribed below. In the case of the construction worker, mobile crane, piling and plumbing and mechanical service classifications the payment is to be made to BEWT and in the case of electrical worker classifications payment is to be made to JetCo an amount equal to the following: • $10.00 per Employee effective first pay period from commencement; • $10.00 per Employee effective first pay period July 2022; • $10.00 per Employee effective first pay period July 2023; and • $10.00 per Employee effective first pay period July 2024. Contributions will continue to be paid on behalf of an Employee during any absence on paid leave such as annual leave, long service leave, public holidays, sick leave and bereavement leave. The Employer shall also be required to make contributions while an Employee is absent from work and is claiming workers' compensation for a maximum period of 12 months. 23.6 Where the Employee's balance in the Employee's Redundancy fund reaches $15,000.00 or an amount that equals 10 weeks' wages, the Employee will have the option to continue to have contributions paid to their Redundancy fund. It is the Employee's option only. Where an Employee exercises (or has exercised) this option, his or her Redundancy entitlement will be deemed met for all current and future entitlements arising from the current employment engagement. 23.7 Contributions to the Employee's Redundancy fund must be made, at a minimum, on a monthly basis. Details of the Employer's contribution for each month including when contribution was made and for how much, are to be shown on the Employee's wage statement by the end of the second week of each subsequent month.