Salary sacrifice into superannuation Sample Clauses

Salary sacrifice into superannuation a. Subject to the following conditions, an employee may apply to the CWT to salary sacrifice any part of his/her salary (including Award or Agreement based salary or wages) to make additional contributions to the Fund: • As salary sacrifice is a complex matter, it is the employee's responsibility to seek advice and fully understand all implications of salary sacrifice before seeking to enter into this arrangement. • The employee's substantive gross salary for all purposes, including but not limited to superannuation, annual leave, annual leave loading and long service leave, will be the pre-sacrificing salary. • Any such arrangement will be by mutual agreement between each individual employee and the CWT. • The application must be in writing and detail the percentage of salary to be salary sacrificed, together with a statement that the "cash" component is adequate for his/her ongoing living expenses. • The employee may rescind their agreement to salary sacrifice, provided one month's notice in writing is given to the CWT. • The employee will bear the responsibility and costs associated with taxation and any other matters in respect of the salary sacrifice arrangements. This means that contributions made to the Fund will be adjusted (at the employee's cost) to take account of taxation payable in relation to those contributions. • Salary sacrifice contributions will be treated as the CWT contributions and may be subject to the superannuation surcharge and are likely to be preserved.
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Salary sacrifice into superannuation. 30.1 Where it is agreed between the Employer and the employee that an employee wishes to have their pay salary sacrificed for additional superannuation, the Employer will comply with the employee’s request within two weeks. Details of any salary sacrifice arrangements shall be reflected on the employees pay slip. 30.2 Employees who elect to sacrifice a proportion of their wages to the C+BUS superannuation fund or may request that the Employer make deductions from gross income. These arrangements shall be altered only twice a year if requested. 30.3 In order to gain the benefit from making superannuation contributions from gross earnings salary sacrifice to superannuation may be agreed between the parties and must legally fulfil SGAA and Australian Taxation Office (ATO) requirements. 30.4 Any salary sacrifice arrangements entered into between the parties shall: 30.4.1 not disadvantage the employee or the Employer in any way, 30.4.2 be effective only on the written authority of the employee, 30.4.3 immediately be stopped at the written request of the employee 30.4.4 have a statement provided to the employee detailing the salary sacrifice at the end of each financial year, 30.4.5 not reduce or alter the Employer’s superannuation contribution calculation or obligation to pay superannuation under SGAA or SGCA when compared to the obligation on the Employer if the salary sacrifice arrangement had not been entered into, 30.4.6 not reduce the employee’s hourly all-purpose rate of pay for the purposes of Award entitlements (including accrued entitlements and the application of penalty rates), 30.4.7 immediately be reviewed in the event of any change to any relevant Act(s) or ATO rulings. 30.5 Where an employee elects to salary sacrifice, the employee may receive less actual pay than their classification rate specified in this Agreement (ie. the classification rate less the salary sacrifice amount).
Sample 1
Salary sacrifice into superannuation. 22.1 An Employee may make a written request to the Company to salary sacrifice a proportion of their Ordinary Rate of Pay into their nominated superannuation fund. Such a written request will be approved by the Company. 22.2 A written request by an Employee to sacrifice an amount of their Ordinary Rate of Pay into their nominated superannuation fund must specify the amount to be sacrificed and the name of the superannuation fund into which the Employee requests that amount to be paid. 22.3 Salary sacrificed Employee contributions into their nominated superannuation fund will be made by the Company on a weekly basis. 22.4 An Employee acknowledges and agrees that where they make a written election to salary sacrifice below their Ordinary Rate of Pay, as specified in this Agreement, the Company is required to only pay to the Employee the balance of that Ordinary Rate of Pay. 22.5 An Employee acknowledges and agrees that prior to entering into a salary sacrificing arrangement, the Company has provided the Employee with the opportunity to obtain independent legal and financial advice in relation to the legal, financial, taxation and other implications of entering into a salary sacrifice arrangement. 22.6 An Employee may elect to cease salary sacrificing their salary by providing the Company with one month’s written notice. 22.7 Unless there is an agreement between an Employee and the Company to the contrary, salary packaging arrangements shall cease during any period of leave without pay, including periods of unpaid sick leave.
Sample 1
Salary sacrifice into superannuation. Employees may elect to have the Company make superannuation contributions on their behalf from their before-tax income into their AUSCOAL (or any other approved fund nominated by the Employee) account. This payment cannot be offset against the Company’s obligation to provide the full superannuation contribution. Employees may elect to salary sacrifice their Bonus or part thereof into their AUSCOAL (or any other approved fund nominated by the Employee) account. Any salary sacrifice election will be governed by the rules of the selected superannuation fund, legislation and Company policy.
Sample 1
Salary sacrifice into superannuation. 22.1 An Employee may make a written request to the Company to salary sacrifice a proportion of their Ordinary Rate of Pay into their nominated superannuation fund. Such a written request will be approved by the Company. 22.2 A written request by an Employee to sacrifice an amount of their Ordinary Rate of Pay into their nominated superannuation fund must specify the amount to be sacrificed and the name of the superannuation fund into which the Employee requests that amount to be paid. 22.3 An Employee acknowledges and agrees that where they make a written election to salary sacrifice below their Ordinary Rate of Pay, as specified in this Agreement, the Company is required to only pay to the Employee the balance of that Ordinary Rate of Pay. 22.4 An Employee acknowledges and agrees that prior to entering into a salary sacrificing arrangement, the Company has provided the Employee with the opportunity to obtain independent legal and financial advice in relation to the legal, financial, taxation and other implications of entering into a salary sacrifice arrangement. 22.5 An Employee may elect to cease salary sacrificing their salary by providing the Company with one month’s written notice. 22.6 Unless there is an agreement between an Employee and the Company to the contrary, salary packaging arrangements shall cease during any period of leave without pay, including periods of unpaid sick leave.
Sample 1
Salary sacrifice into superannuation. An employee can choose to make employee contributions to the nominated fund by way of salary sacrifice as provided for by the salary sacrifice provisions of the trust deed of the nominated fund and in compliance with legislation.
Sample 1
Salary sacrifice into superannuation. Employees shall be permitted to elect to salary sacrifice their gross wages, including penalties and allowances, into an approved superannuation fund, subject to compliance with current Superannuation and Taxation Legislation. Where such an election is made by the employee, and it is agreed by the Employer, the employee's salary shall be reduced by the elected amount subject to the following provisos: (a) the fund(s) shall be one of those stated in clause 5.7.2(a) and complies with the provisions of the Superannuation Industry (Supervision) Act 1993; (b) no fund shall be a personal fund; (c) the contribution shall be expressed as a dollar amount of gross earnings; (d) 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; (e) the funds shall accept electronic funds transfer; (f) any arrangements as set out in this clause shall be at the employee's request; (g) the terms of the arrangement shall be committed to writing and signed by the employer and the employee; (h) a copy of the signed agreement shall be held by the Employer; (i) where the nominated contribution exceeds the gross earnings in anyone fortnight deductions will not be made; and (j) where the employee has other repayment conditions or nominated contributions (e.g. garnishee, uniforms, loan, health fund premiums, etc.) such payments shall take precedence over salary sacrifice contribution.
Sample 1
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Salary sacrifice into superannuation. ‌ (a) Where it is agreed between the Employer and the employee that an employee wishes to have their pay salary sacrificed for additional superannuation, the Employer will comply with the employee’s request within two weeks. Details of any salary sacrifice arrangements shall be reflected on the employees pay slip. (b) Employees who elect to sacrifice a proportion of their wages to the C+BUS superannuation fund or may request that the Employer make deductions from gross income. These arrangements shall be altered only twice a year if requested. (c) In order to gain the benefit from making superannuation contributions from gross earnings salary sacrifice to superannuation may be agreed between the parties and must legally fulfil SGAA and Australian Taxation Office (ATO) requirements. (d) Any salary sacrifice arrangements entered into between the parties shall: i. not disadvantage the employee or the Employer in any way,
Sample 1
Salary sacrifice into superannuation. Employees may elect to have the Company make superannuation contributions on their behalf from their before-tax income into their Mine Wealth + Wellbeing (or any other approved fund nominated by the Employee) account. This payment cannot be offset against the Company’s obligation to provide the full superannuation contribution. Employees may elect to salary sacrifice their Bonus or part thereof into their Mine Wealth + Wellbeing (or any other approved fund nominated by the Employee) account. Any salary sacrifice election will be governed by the rules of the selected superannuation fund, legislation and Company policy.
Sample 1

Related to Salary sacrifice into superannuation

  • Superannuation 13.1 The Employer shall contribute, on behalf of the Employee, superannuation to a fund that will be nominated by the Employer, in accordance with the requirements of the relevant, prevailing superannuation legislation.

  • SALARY SACRIFICE ARRANGEMENTS 34.1 Employees covered by this Agreement will have access to salary sacrifice arrangements in addition to the compulsory arrangement detailed above. The requirements of any such arrangements shall ensure that: (a) Accessing a salary sacrifice arrangement is a voluntary decision to be made by the individual Employee. (b) An Employee wishing to enter into a salary sacrifice arrangement will be required to notify their Employer in writing of the intention to do so and have sought expert advice in relation to entering into such an arrangement. (c) The Employer shall meet the cost of implementing the administrative and payroll arrangements necessary for the introduction of salary sacrifice to the Employees under the Agreement. (d) The co-contribution of superannuation payments referred to herein shall be made by way of salary sacrifice arrangements.

  • Salary Sacrifice (a) Where an Employee wishes to have their pay salary sacrificed for additional superannuation, the Employer will comply with the Employee’s request without unreasonable delay and consistent with any relevant statutory requirements. (b) All entitlements and benefits contained in this Agreement will be calculated on the pre-salary sacrifice pay rate.

  • Salary Scale The salary scale applicable to Employees shall be set out hereinafter in the Wage Schedule.

  • HEALTH & WELFARE 16:1 The parties signatory hereto shall enter into a Health and Welfare Plan for which there is a Trust Agreement, known as the Line Construction Benefit Fund, for the purpose of providing insurance benefits for eligible employees and/or their dependents. Effective the first of the month following the signature date of this Agreement, the Employer shall pay to the Line Construction Benefit Fund the sum of $6.50 for each hour worked. Hours worked shall be deemed to include straight-time hours worked, overtime hours worked, and report time not worked. Remittance shall be forwarded to the place designated by the parties hereto on or before the fifteenth (15th) day of each month for each hour worked in weekly payroll periods ending during the preceding month, together with a monthly payroll report on a form to be furnished to the Employer. It is understood and intended by the parties to this Agreement that the purpose of this clause is to establish an Employer financed Health and Welfare Trust and that contributions thereto shall not be deemed to be wages to which any employee shall have any right other than the right to have such contributions paid over to the Trust fund in accordance herewith. Failure of an individual Employer to make all payments provided for, including liquidated damages for late payments, within the time specified, shall be a breach of this Agreement and will further require action by the Trustees as set forth in the Trust Agreement. Any increase in the required contributions set forth above will be paid equally (50% by the Employer and 50% by the Employee). The amount paid by the Employee will come from their NEAP contribution. 16:2 HRA: Effective the first of the month following the signature date of this Agreement, the Employer also agrees to pay into the Line Construction Benefit Fund $1.00 per hour through the term of this Agreement. HRA is calculated on all hours worked for all working classifications covered by this Agreement. These contributions shall be used to provide Health Reimbursements Accounts(s) under the Line Construction Benefit Fund Plan of Benefits.

  • Health & Welfare Benefits Executive shall be eligible to participate in all health and welfare benefits provided generally to other employees of the Company.

  • Health and Welfare Benefits applies to full-time nurses only)

  • Salary Scales ‌ 2.5.1 Effective from 1 January 2024, and subject to the Remuneration provisions in the Terms of Settlement, a 4% increase will apply to all paid and printed rates. The following Allied Divisions shall refer to the applicable schedules for their scales: MIT, UCOL and Otago. 2.5.2 Effective from 1 January 2025, kaimahi will be translated into the following salary scale, which includes the 4% salary increase: Band Step (N/A for UCOL and TOPNZ) Scale Scale 2025 (4%) 40 hours Band Step(N/A for UCOL and TOPNZ Scale 2025 (4%) Scale 2025 (4%)

  • Multi-Year Planning The CAPS will be in a form acceptable to the LHIN and may be required to incorporate (1) prudent multi-year financial forecasts; (2) plans for the achievement of performance targets; and (3) realistic risk management strategies. It will be aligned with the LHIN’s then current Integrated Health Service Plan and will reflect local LHIN priorities and initiatives. If the LHIN has provided multi-year planning targets for the HSP, the CAPS will reflect the planning targets.

  • Superannuation fund Unless, to comply with superannuation legislation, the employer is required to make the superannuation contributions provided for in Clause 24(b) to another superannuation fund that is chosen by the employee, the employer must make the superannuation contributions provided for in Clause 24(b) and pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) to one of the following superannuation funds: (i) Health Employees Superannuation Trust of Australia (HESTA); (ii) any superannuation fund to which the employer was making superannuation contributions for the benefit of its employees before 12 September 2008, provided the superannuation fund is an eligible choice fund and is a fund that offers a MySuper product or is an exempt public sector scheme.

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