Common use of Wages in a foreign currency Clause in Contracts

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.

Wages in a foreign currency. The employee and the employer may agree that a part proportion of the regular monthly wage is to be paid in a foreign currency or that a part proportion 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 reached 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 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 Items 1–3, however, may never be lower than the minimum rate of the collective wage agreement in force effect 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 a 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 Item 1, i.e. regular monthly wages in ISK. An employee canmay, at any time, request the termination of the agreement. In If the event that an employee submits such a request, the employer should shall comply with such request as of and including it from the beginning of next month-end from the second month from that datetime it is presented. 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 pay- ment of wages in foreign currency or regarding wage linkage with a foreign currency. – - See Attachment 2008 attachment to agreement on wages in foreign currencies – Contract currencies. - See contract form, page 74.

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 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 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.

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 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 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. 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.