Special savings Sample Clauses

Special savings. Employees covered by this collective agreement save up 2.7% of their salary qualifying for holiday pay in a special savings account. At 1 March 2018, the savings rate will be 3.4% and at 1 March 2019 it will be 4.0% of the salary qualifying for holiday pay. Included in this amount are holiday pay, holiday supplement and any accumulated special holiday time. The balance of the account is made up and the amount is disbursed on each 30 June, at the end of each calendar year and in case the employee resigns. Employees covered by the collective agreement can request the employer to make extra employee contributions to the pension scheme on an ongoing basis. Such requests, including to discontinue or change an extra employee contribution, can be made once a year and will take effect on 1 December. Any administrative expenses related to changing employee contributions are of no concern to the employee. Extra payments can be used only to increase savings.
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Special savings. As per 1 March 2021, workers earn 6% of the pay on which holiday entitlements are based as special savings. As from 1 March 2022, the rate will increase to 7%. The amount includes holiday pay and holiday allowances. At the end of the months of May and November, the balance is calculated and paid to the employee. When employment is terminated, the entire balance is payable. Recently admitted enterprises that have not set up a special savings or similar scheme before entering into the agreement may be included in a gradual increase scheme; see Annex 14 (Protocol on newly admitted enterprises – pension and special savings). Employees covered by the collective agreement may ask their employer to pay an additional employee contribution to the pension scheme on a regular basis, the contributions being taken from the special savings. Such a request, including a request to end/change the additional payment of employee contributions, may be made once a year with effect from 1 December. Any administrative expenses associated with such requests are of no concern to the employee. The additional contribution(s) will exclusively be used to increase total savings. The Danish Chamber of Commerce – Employers guarantees the payment of the amounts in question.
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Special savings. The enterprise shall pay into the employee's Optional Pay Account 4% of the qualifying wage that is made available for the employee's optional use.
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Special savings. As of 1 March 2020, employees covered by this collective agreement accumulate 5% of their salary qualifying for holiday pay in a special savings account. As of 1 March 2021, the rate will be 6% of the qualifying salary, and as of 1 March 2022 it will be 7%. Included in this amount are holiday pay, holiday supplement and any accumulated special holiday time. The balance of the account is made up and the amount is disbursed on each 30 June, at the end of each calendar year and in the event that the employee leaves the company. In 2020, the amount will be disbursed at the end of the calendar year. Alternatively, the company and the individual employee can agree that the total special savings contribution will be paid out on an ongoing basis together with the employee’s salary. Employees covered by the collective agreement can request that the employer make extra employee contributions to the pension scheme on an ongoing basis. Such requests, including to discontinue or change an extra employee contribution, can be made once a year and will take effect on 1 December. Any administrative expenses in connection with this are of no concern to the employee. Extra payments can be used only to increase savings.
Sample 1
Special savings. The enterprise shall pay into the employee's Optional Pay Account a special saving from the qualifying wage that is made available for the employee's optional use. As per 1 March 2017 2.7% As per 1 March 2018 3.4% As per 1 March 2019 4.0% a) Employees, who as of 1 May are entitled to extra days off, must choose by 1 April each year if they want to take one or more extra days off in the coming holiday year or instead, on an ongoing basis, have set aside a further 0.5% of the qualifying wage per declined extra day off. Thus, if they choose not to take any of the five extra days off, a further 2.5% in total is set aside. The number of extra days off that the employee wants to take, shall be taken and paid according to the current rules of clause 61, Extra days off. b) New employees, who are entitled to extra days off after 9 months of employment, may choose whether they want to take one or more of the five extra days off according to the current rules. The number of extra days off they do not want to take, shall be paid into the Optional Pay Account at the amount per unused extra day off according to clause 61(e). For subsequent holiday years, employees may choose in accordance with Subclause 2 a. c) An employee who has deselected one or more extra days off and subsequently has continuous absence of more than 3 months due to illness or injury can claim a supplement to the Optional Pay Account. The employee shall make the claim within 3 weeks after the end of the holiday year. The supplement constitutes: The difference between the part of the Optional Pay Account that originates in the deselected extra days off and the value of the extra days off if these had not been deselected, but instead had been paid as non-used extra days off according to clause 61 e of the Collective Wood and Furniture Agreement.
Sample 1
Special savings. As of 1 March 2017, employees comprised by the collective agreement will save up 0.7% of the wages that qualify for holiday pay as special savings. As of 1 March 2018, the savings shall be equal to 1.4% and, as of 1 March 2019, the saving shall equal 2.0% of the wages that qualify for holiday pay. This sum comprises holiday pay, holiday allowance and, if relevant, special holiday accumulation. The balance shall be settled every fortnight and in connection with retirement, in which case the balance shall be settled and the amount paid out. The special savings shall come into force no later than on 1 September 2017 and be backdated to 1 March 2017.
Sample 1
Special savings. As of 1 March 2020, employees covered by the collective agreement will save up 3.00% of the wages that qualify for holiday pay as special savings. As of 1 March 2021, the savings shall equal 4% and, as of 1 March 2022, the savings shall equal 5% of the wages that qualify for holiday pay. The amount comprises holiday pay, holiday allowance and any special holiday accumulation. The balance shall be settled on an ongoing basis and in connection with retirement, the balance shall be settled, and the amount paid out. Where the work is carried out at an hourly wage (time-based pay), it is a basic assumption that the companies pay a supplement to the minimum wage to all employees whose qualifications entitle them to receive such a supplement. Negotiations about a change in wages can only take place once every collective agreement year. Any increase of the minimum wage shall be set-off against any personal supplement the employee may have received in addition to the previously applicable minimum wage rate. Consequently, an employee’s wages will not be adjusted if they exceed the minimum wage applicable from time to time. If the calculation of an employee’s wages raises an issue which cannot be dealt with at the company, and no shop xxxxxxx has been elected, the local branch of 3F (United Federation of Danish Workers) can contact the company by telephone and request a technical calculation of the employee’s wages. Such request shall be complied with as quickly as possible and within a maximum of 14 calendar days. If the local branch of 3F subsequently finds that the issue remains unresolved, it will be subject to further review in accordance with Section 17 Rules for settling industrial disputes.
Sample 1
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Related to Special savings

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the member who is covered under a high deductible health plan. The member must be covered under the HSA plan for the months in which contributions are made. HIGH DEDUCTIBLE HEALTH PLAN (HDHP) is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The plan cannot provide payment for any covered healthcare service until the plan year deductible is satisfied, with the exception of preventive care services. • that provides medical and surgical care for patients who have acute illnesses or injuries; and • is either listed as a hospital by the American Hospital Association (AHA) or accredited by the Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

  • Flexible Spending Account The parties agree that the State shall have the right to use State Employee Health Plan funds to cover the administrative costs of operating the medical and dependent care flexible spending account programs.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.

  • 401(k) Plan Executive shall be entitled to participate in the Company’s 401K plan in accordance with its terms and conditions.

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • Flexible Spending Accounts Employees in the unit shall have access to the County’s flexible spending account program, which provides employees with the options of dependent care assistance benefits with a calendar year maximum of $5,000, and medical expense reimbursement benefits with a calendar year maximum of $2,400. The County shall maintain this plan in compliance with IRC §125. Employee premiums for flexible spending account benefits shall be deducted on a pre-tax basis from employee pay.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

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