Common use of Sickness fund Clause in Contracts

Sickness fund. 10.1.1 Employee shall pay into a sickness fund of the union in question to the amount of 1% of paid salaries to the workers, to cover sickness and hospital costs. 10.1.2 The Confederation of Icelandic Employers is authorised to nominate one auditor to the fund. 10.1.3 The fund board is responsible for custody of the fund and for investing. It is authorised to invest the funds by purchasing securities with safe collateral in real estate pledges. It is also authorised to use the fund’s money to purchase or build facilities, given that the fund is the owner of the facilities. Care shall be always taken to ensure that use of the fund’s money does not conflict with its purpose and tasks, as specified above. 10.1.4 Further provisions about the fund are made with regulations.

Sickness fund. 10.1.1 Employee Employers shall pay into a sickness fund of the union in question to the amount of 1% of paid salaries to the workers, to cover sickness and hospital costs. 10.1.2 The Confederation of Icelandic Employers is authorised to nominate one auditor to the fund. 10.1.3 The fund board is responsible for custody of the fund and for investing. It is authorised to invest the funds by purchasing securities with safe collateral in real estate pledges. It is also authorised to use the fund’s money to purchase or build facilities, given that the fund is the owner of the facilities. Care shall be always taken to ensure that use of the fund’s money does not conflict with its purpose and tasks, as specified above. 10.1.4 Further provisions about the fund are made with regulations.

Sickness fund. ‌ 10.1.1 Employee Employers shall pay into a sickness fund of the union in question to the amount of 1% of paid salaries to the workers, to cover sickness and hospital costs. 10.1.2 The Confederation of Icelandic Employers is authorised to nominate one auditor to the fund. 10.1.3 The fund board is responsible for custody of the fund and for investing. It is authorised to invest the funds by purchasing securities with safe collateral in real estate pledges. It is also authorised to use the fund’s money to purchase or build facilities, given that the fund is the owner of the facilities. Care shall be always taken to ensure that use of the fund’s money does not conflict with its purpose and tasks, as specified above. 10.1.4 Further provisions about the fund are made with regulations.