Wages in a foreign currency Sample Clauses

Wages in a foreign currency. The employee and the employer may agree that a part of the regular monthly wage is to be paid in a foreign currency or that a part of the regular monthly wage may be linked to the exchange rate of a foreign currency. The selling rate of the currency should be used for reference on the date when the agreement between the employee and the employer was made. Regular monthly wages shall be calculated and stated on the payslip as follows: 1. The regular monthly wages designated in ISK on the date of the agreement. 2. To be deducted is the amount in ISK that an agreement has been made to pay in a foreign currency or to link to the exchange rate of a foreign currency on the date of the agreement. 3. The part of the fixed monthly wage paid in or linked to foreign currency (cf. item 2), calculated in ISK at the selling rate of the foreign currency three business days before the date of payment. The sum of items 1–3, however, may never be lower than the minimum rate of the collective wage agreement in force for the industry in question. The total of Items 1–3 forms the base for the payment of taxes and contributions in accordance with the collective wage agreement, such as to the pension fund, trade union fund, sickness benefit fund, vocational rehabilitation fund, holiday home fund and the continuing education fund. The employee and the employer can negotiate that overtime, shift premiums, bonuses and other payments will be settled in part or fully in a foreign currency. Wage increases shall only be calculated with respect to item 1, i.e. regular monthly wages in ISK. An employee can, at any time, request the termination of the agreement. In the event that an employee submits such a request, the employer should comply with such request as of and including the beginning of the second month from that date. An employee shall receive wages according to Item 1 as amended from the date when the original agreement was reached. The employee and the employer must enter into a written agreement regarding the payment of wages in foreign currency or regarding wage linkage with a foreign currency. – See 2008 attachment to agreement on wages in foreign currencies – Contract form, page 74.
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Wages in a foreign currency. The employee and the employer may agree that a part of the regular monthly wage is to be paid in a foreign currency or that a part of the regular monthly wage may be linked to the exchange rate of a foreign currency. The selling rate of the currency should be used for reference on the date when the agreement between the employee and the employer was made. Regular monthly wages shall be calculated and stated on the payslip as follows: 1. The regular monthly wages designated in ISK on the date of the agreement. 2. To be deducted is the amount in ISK that an agreement has been made to pay in a foreign currency or to link to the exchange rate of a foreign currency on the date of the agreement. 3. The part of the fixed monthly wage paid in or linked to foreign currency (cf. item 2), calculated in ISK at the selling rate of the foreign currency three business days before the date of payment. The sum of items 1–3, however, may never be lower than the minimum rate of the collective wage agreement in force for the industry in question. The total of Items 1–3 forms the base for the payment of taxes and contributions in accordance with the collective wage agreement, such as to the pension fund, trade union fund, sickness benefit fund, vocational rehabilitation fund, holiday home fund and the continuing education fund. The employee and the employer can negotiate that overtime, shift premiums, bonuses and other payments will be settled in part or fully in a foreign currency. Wage increases shall only be calculated with respect to item 1, i.e. regular monthly wages in ISK. An employee can, at any time, request the termination of the agreement. In the event that an employee submits such a request, the employer should comply with such request as of and including the beginning of the second month from that date. An employee shall receive wages according to Item 1 as amended from the date when the original agreement was reached. The employee and the employer must enter into a written agreement regarding the payment of wages in foreign currency or regarding wage linkage with a foreign currency. – See 2008 attachment to agreement on wages in foreign currencies – Contract form, page 56.
Sample 1Sample 2
Wages in a foreign currency. The employee and the employer may agree that a part of the regular monthly wage is to be paid in a foreign currency or that a part of the regular monthly wage may be linked to the exchange rate of a foreign currency The selling rate of the currency should be used for reference on the date when the agreement between the employee and the employer was made. A fixed monthly wage shall be calculated and stated on the payslip as follows: 1. The regular monthly wages designated in ISK on the date of the agreement. 2. To be deducted is the amount in ISK that has been agreed should be paid in a foreign currency or linked to the exchange rate of a foreign currency on the date of the agreement. 3. The part of the fixed monthly wages which is paid or tied to a foreign currency, (see item 2), calculated in ISK at the selling rate of the foreign currency 3 business days prior to pay day. The sum of 1-3 can, however, never be less than the minimum pay rate of the collective agreement which applies for the industry in question. The sum of 1-3 forms the base for payment of taxes and contributions pursuant to the collective agreement, such as pension, illness, rehabilitation, holiday dwellings and re-education funds. The employee and the employer can negotiate the extent to which overtime, shift premiums, bonuses and other payments will be settled in part or in full in a foreign currency. Wage increases shall only be calculated with respect to item 1, i.e. regular monthly wages in ISK. An employee can, whenever they wish, request the termination of the agreement. If an employee makes such a wish, the employer shall accede to the wish from and including the next end of the month but one from the day when it was made. An employee shall receive wages according to item 1 as amended from the date when the original agreement was made. The employee and employer shall make a written agreement on payment of wages in foreign currency or on linking wages to a foreign currency. See attachment.
Sample 1

Related to Wages in a foreign currency

  • Foreign Currency The term “

  • Alternative Currencies (a) The Borrower may from time to time request that LIBO Rate Revolving Loans be made and/or Letters of Credit be issued in a currency other than Dollars; provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. In the case of any such request with respect to the making of LIBO Rate Revolving Loans, such request shall be subject to the approval of the Revolving Lenders of the applicable Class that will provide such Loans, and in the case of any such request with respect to the issuance of Letters of Credit, such request shall be subject to the approval of the applicable Issuing Banks, in each case as set forth in Section 9.02(b)(ii)(E). (b) Any such request shall be made to the Administrative Agent not later than 11:00 a.m., ten Business Days prior to the requested date of the making of such Revolving Loan or issuance of such Letter of Credit (or such other time or date as may be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable Issuing Banks, in its or their sole discretion). In the case of any such request pertaining to LIBO Rate Revolving Loans, the Administrative Agent shall promptly notify each Revolving Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly notify the applicable Issuings Bank thereof. Each applicable Revolving Lender (in the case of any such request pertaining to LIBO Rate Revolving Loans) or each applicable Issuing Bank (in the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m., five Business Days after receipt of such request whether it consents, in its sole discretion, to the making of LIBO Rate Revolving Loans or the issuance of Letters of Credit, as the case may be, in such requested currency. (c) Any failure by a Revolving Lender or Issuing Bank, as the case may be, to respond to such request within the time period specified in the preceding paragraph shall be deemed to be a refusal by such Revolving Lender or Issuing Bank, as the case may be, to permit LIBO Rate Revolving Loans to be made or Letters of Credit to be issued in such requested currency. If the Administrative Agent and all the applicable Revolving Lenders consent to making LIBO Rate Revolving Loans or issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrower and the Borrower and the Revolving Lenders shall amend this Agreement and the other Loan Documents as necessary to accommodate such Borrowings and/or Letters of Credit (as applicable), in accordance with Section 9.02(b)(ii)(E). If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.10, the Administrative Agent shall promptly so notify the Borrower.

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