Wage Sacrifice into Superannuation Sample Clauses

Wage Sacrifice into Superannuation. (a) Subject to the chosen fund being able to accept wage sacrifice contributions where an Employee elects in writing on the approved form to sacrifice part of his/her wage for the provision of superannuation benefits, the following apply - (i) The sacrificed part of his/her wage will be deemed to form part of his/her agreed wage. (ii) A notional hourly rate will be retained on which all benefits will be based, including overtime, superannuation contributions, termination pay, etc. (iii) The amount which the Employee elects to sacrifice, when added to the normal Employer contributions for the Employee, must not exceed the Aged Based Deductible Limits as determined by the Australian Taxation Office. (iv) In the event that the law governing superannuation or taxation changes so as to make the objective of this clause ineffective, unattainable or illegal, or the Employer incurs additional costs as a result, the Employer will advise the Employee concerned that the wage sacrifice contribution arrangement will be terminated or amended. (v) It is strongly recommended by the Employer that if the Employee is contemplating wage sacrifice to superannuation he/she should obtain his/her own independent financial advice. (vi) Where an Employee, a member of the defined benefit section, elects to wage sacrifice his/her member (non-voluntary) contributions which impact on the accrual rate, those contributions will be increased for the effect of the 15% contributions tax (for example: 5% after tax contribution or 5.88% wage sacrifice contribution). All other wage sacrifice member (voluntary) contributions will have the 15% contributions tax deducted by the fund before they are credited to the member’s superannuation account.
Sample 1
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Related to Wage 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.

  • Wage Scale The wages shown in Appendix A will be part of this Agreement.

  • 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 AND WELFARE 36.01 Health and welfare benefits shall be as contained in Appendix "A" of this Agreement and shall form part of this Agreement.

  • Wage Scales All workers covered by this Agreement shall be classified and paid in accordance with the classification and wage scales as attached as Appendices "A" and forming part of this Agreement.

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

  • 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.

  • 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.

  • 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 Fund Pursuant to provisions contained in a pre­ vious Collective Bargaining Agreement, there has been established a Health and Welfare Fund known as the “ Retail Meat Cutter Unions and Employers Joint Health and Welfare Fund For The Chicago Area” ; said Fund is hereinafter referred to as the “ Health and Welfare Fund.”

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