Salary Packaging Superannuation Definition Sample Clauses

Salary Packaging Superannuation Definition. Remuneration packaging is the sacrifice or substitution of salary, whereby the total cost to Ramsay Health Care of any package configuration is no greater than if all entitlements had been taken as PAYG equivalent salary. Under packaging, the total cost of a benefit (including taxes) is deducted from the package total of an employee, to arrive at the “Cash” salary component. Agreement to salary package superannuation shall be subject to the following provisions; (i) The fund complies with the provisions of the Superannuation Industry (Supervision) Act 1993, and is the current fund nominated by the employee and is acceptable to the employer. (ii) The contribution shall be expressed as a dollar amount of ordinary time earnings and shall be made on not less than a monthly basis (iii) Such salary packaging arrangements shall be available to all employees with the exception of casual employees and those employed on fixed term contracts for less than a year. (iv) The fund shall accept electronic funds transfer (v) Any arrangements as set out in this clause shall be at the employee’s written request (vi) The terms of the arrangement shall be committed to writing and signed by Xxxxxx Health Care and the employee (vii) A copy of the signed agreement shall be held by Ramsay Health Care (viii) Should legislative changes result in any increase in the cost of providing an option to salary sacrifice superannuation, these shall be borne by the employee or the employee can elect to terminate the arrangement. (ix) The employee can elect to terminate the arrangement in writing at any time. Such written notice shall be attached to the staff member’s time sheet and forwarded to Pay Office.
Sample 1
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Salary Packaging Superannuation Definition. Remuneration packaging is the sacrifice or substitution of taxable income, whereby the total cost to Ramsay Health Care of any package configuration is no greater than if all entitlements had been taken as PAYG equivalent salary. Under packaging, the total cost of a benefit (including taxes) is deducted from the package total of an employee, to arrive at the “Cash” salary component. Agreement to salary package superannuation shall be subject to the following provisions; a) The fund complies with the provisions of the Superannuation Industry (Supervision) Xxx 0000, and is the current fund nominated by the employee and is acceptable to the employer. b) The contribution shall be expressed as a dollar amount of ordinary time earnings and shall be made on not less than a monthly basis. c) Such salary packaging arrangements shall be available to all employees with the exception of casual employees and those employed on fixed term contracts for less than a year. d) The fund shall accept electronic funds transfer. e) Any arrangements as set out in this clause shall be at the employee’s written request. f) The terms of the arrangement shall be committed to writing and signed by Ramsay Health Care and the employee. g) A copy of the signed agreement shall be held by Ramsay Health Care. h) Should legislative changes result in any increase in the cost of providing an option to salary sacrifice superannuation, these shall be borne by the employee or the employee can elect to terminate the arrangement. i) written notice shall be forwarded to Pay Office.
Sample 1

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