Workplace Surveillance. Macquarie conducts camera, telephone and computer surveillance in the workplace. Such surveillance is ongoing and continuous and may include the copying and retention of footage, emails and audio and computer records and you consent to such surveillance. Further information on Macquarie's workplace surveillance activities is set out in the Workplace Surveillance policy. Basic Cost Responsibility (BCR) The Employer currently remunerates its employees under the Employer's Basic Cost Responsibility ('BCR') remuneration packaging system. Your BCR represents the total cost of your employment to the Employer. In addition to your annual salary component, your BCR includes all charges, benefits and other costs associated with your employment (collectively, the 'Costs') including, for example, the Employer's superannuation contributions, fringe benefits tax, payroll tax, salary continuance insurance premiums, workers' compensation insurance premiums, and goods and services tax (where applicable). The Employer will adjust the annual salary component of your BCR to reflect changes to the Costs (or additional Costs) as necessary at any time during your employment so that your total BCR does not change. Please refer to the BCR policy for details regarding your current annual salary component. You acknowledge and agree that salary payments and other employment related benefits are paid in satisfaction of any payments or other benefit you are, or become, entitled to as a consequence of your employment (whether under legislation, a modern award or another industrial instrument) including but not limited to minimum wage rates, allowances, overtime and penalty rates and annual leave loading (except as otherwise provided in accordance with Macquarie policy as amended from time to time). Your monthly net salary will be paid, partly in arrears and partly in advance for the calendar month, on the Employer's monthly payroll dates (currently the 15th day of each month) by direct deposit to your nominated bank account. The Employer may amend its remuneration packaging system (currently BCR) at any time. You acknowledge and agree that the salary packaging options made available by the Employer are a benefit to you and any change to the options available may alter your annual salary component. Any such change will neither constitute a variation or a breach of this Agreement. Salary levels are reviewed annually, and any adjustment is effective 1 July. Reviews are subject to the absolute discretion of the Employer. There is no entitlement to an increase. Please note that all information regarding remuneration is confidential. Superannuation The Employer will make contributions for you into a complying superannuation fund at a rate which is equal to the minimum level of superannuation contributions which the Employer must make for you for the purposes of the Superannuation Guarantee (Administration) Xxx 0000 and the Superannuation Guarantee Charge Act 1992 as amended from time to time. On commencement of employment, you will have access to a Choice Election Form (CEF) which gives you the opportunity to choose your own complying superannuation fund or retirement savings account. If you do not make a choice, the Employer's contributions will be paid into the default fund which the Employer has chosen (which will be set out in the CEF). Please note that the Employer is not obliged to accept more than one request from you to change superannuation funds within any 12 month period. The minimum superannuation contributions form part of your BCR. A current feature of the Employer's default superannuation plan is Death and Total and Permanent Disability (‘DTPD’) cover, with the annual premium being funded from your superannuation account. The terms and conditions of this DTPD cover may be amended or replaced from time to time at the Employer’s discretion. Please note that cover ceases under the Employer's plan for employees once they reach their 65th birthday. Please also be aware that DTPD cover is not a feature of all superannuation plans. If you do elect Choice of Fund and at a later date decide to join the default fund you will be required to complete medical underwriting for DTPD cover and will not be eligible for automatic acceptance. Salary Continuance Insurance If you work 15 or more hours per week and are under the age of 65, you must be covered by Salary Continuance Insurance ('SCI'). This cover provides for possible loss of income following an extended period of time off work due to accident or illness. Unless you choose to arrange your own cover, you will participate in the Employer's SCI scheme and the premium will be charged to your BCR. If you choose to arrange your own cover, you must provide a copy of that insurance policy to the Employer. It is recommended that you review any existing policies and assess whether the terms and conditions are comparable to the Employer's SCI scheme, as it is a condition of employment that any privately arranged policy must at least be comparable to the Employer's SCI scheme. If you work less than 15 hours per week or are 65 or more years of age, you should consider arranging this insurance privately. It is important to note that the Employer's SCI scheme and any associated benefits may be amended or replaced from time to time at the Employer’s discretion, and in particular are contingent upon Macquarie continuing to be able to obtain cover at reasonable commercial rates. Any benefits will be applied in accordance with the terms of the applicable insurance policy in force from time to time. You should also note that cover ceases under the Employer's SCI scheme for employees once they reach their 65th birthday. In addition to your remuneration, a profit share allocation may be made to you in recognition of your contribution in the course of your employment for the financial year to 31 March. Profit share allocations are completely discretionary, do not form part of your base remuneration, and will not be included in the calculation of any termination payments including payments in lieu of notice and payments in lieu of accrued but untaken leave. While you may receive a profit share allocation in one financial year, you will not necessarily receive a profit share allocation in any subsequent year. All profit share allocations are inclusive of applicable Costs and will be made in instalments in accordance with applicable Macquarie policies, including the Profit Share and Profit Share Retention policies. Under these policies, any profit share allocations are conditional on, among other things, you remaining employed by the Employer on the relevant vesting and crystallisation dates. No pro-rata amounts will be payable if you are not employed on those dates. This means that you will have no entitlement to any retained portion of your profit share allocation until the relevant vesting dates. The Employer reserves the right to terminate (with or without substitution) or vary the terms of any profit sharing or bonus scheme including, without limitation, this profit share scheme and the related policies, at its discretion.
Appears in 1 contract
Samples: Employment Agreement
Workplace Surveillance. Macquarie conducts camera, telephone and computer surveillance in the workplace. Such surveillance is ongoing and continuous and may include the copying and retention of footage, emails and audio and computer records and you consent to such surveillance. , Further information on Macquarie's ’s workplace surveillance activities is set out in the Workplace Surveillance policy. Basic Cost Responsibility fBCR) You will be remunerated under the Employer's Commission Based Remuneration Structure (BCRas amended from time to time) The Employer currently remunerates its employees under which incorporates the Employer's Basic Cost Responsibility remuneration packaging system or any other remuneration packaging system which replaces it ('BCR') ). Under the current remuneration packaging system. Your , your BCR represents the total cost of your employment to the Employer. In addition to your annual salary component, your BCR includes all ail charges, benefits and other costs associated with your employment (collectively, the 'Costs') including, for example, the Employer's superannuation contributionscontributions payable in respect of salary, fringe benefits tax, payroll tax, salary continuance insurance premiums, workers' compensation insurance premiums, and goods and services tax (where applicable). The Employer will adjust the annual annua! salary component of your BCR to reflect changes to the Costs (or additional Costs) as necessary at any time during your employment so that your total BCR does not change. Please refer to the BCR policy for details regarding your current annual salary component. You acknowledge and agree that salary payments and other employment related benefits are paid made in satisfaction of your remuneration and other benefits provided for in this Agreement (including the annual salary component of your BCR) are all inclusive, over-award payments and will be set off against any payments payment or other benefit to which you aremay, or become, entitled to as a consequence of your employment (whether under legislation, a modern an award or another industrial instrument) including but not limited to minimum wage hourly rates, allowances, overtime and penalty rates and annual leave loading loadings (except as otherwise provided in accordance with Macquarie policy as amended from time to time). You will be allocated a BCR, which will be paid as an advance on your commissions and will be a recoverable allocation against any commission earned by you, unless otherwise stated in writing by the Employer. AUSTRALIA COMMISSION EA - April 2016 5 If your earned commission is less than your BCR allocation at the end of any month, this shortfall will be rolled forward to the ne>d month and offset against available net commission. To the extent that your earned commission is less than your BCR allocation in a given Commission Year (defined below), any shortfall will be rolled forward into the following Commission Year until repaid in full. In addition, you acknowledge and agree that any shortfall may be recovered against amounts which may be allocated to you under any bonus or incentive arrangement as set out in the provision of the clause in this Agreement headed "Bonus or Incentive Payments". Your BCR may also be revised and may be reduced or increased by the Employer at its discretion. Any amendment to your BCR will not constitute a variation to this Agreement. The Employer may reduce your BCR having regard to your performance levels as set out in the clause titled "Minimum Performance Criteria". Your BCR may be reduced at any point throughout the Commission Year if it appears to the Employer that your earned commission will be less than your BCR allocation for the Commission Year. The quantum of the reduction will be at the discretion of the Employer, however, historical revenue earnings will be considered in making this determination. Your base monthly net salary will be paid, partly in arrears and partly in advance for the calendar month, on the Employer's monthly payroll dates (currently the 15th day of each month) ). Payments will be made by direct deposit to your nominated bank Macquarie transaction account. If you do not already have such an account with Macquarie, you will need to open one in order to receive payments relating to your employment and maintain this account as your nominated account throughout your employment. Under the Employer’s BCR. you may be eligible to package approved on-going commitments such as motor vehicle or home office leases, hire-purchase arrangements and/or car parking. All packaging requests are subject to the sole consideration and approval of the Employer. Where you make such a request to package and this is approved by the Employer, you are responsible to ensure the cost of such commitments is met. Where commission earnings are not sufficient to cover the cost of any packaged on-going commitments, at the end of the Commission Year you agree to pay the Employer any outstanding cost of the packaged commitment(s) within 30 days of the end of the Commission Year. Should you fail to do so, you acknowledge and agree that the Employer may, in its discretion, deduct such sums from monies owing to you by the Employer. The Employer may amend its remuneration packaging system (currently BCR) at any time. You acknowledge and agree that the salary packaging options made available by the Employer are a benefit to you and any change to the options available may alter your annual salary component. Any such change will neither constitute a variation or a breach of this Agreement. Salary Review of remuneration levels are reviewed annually, and any adjustment is effective 1 July. Reviews are subject to the absolute discretion of the Employer. There is no entitlement to an increase. Please note that all information regarding remuneration is confidential. Superannuation The Employer Minimum Performance Criteria Your minimum performance levels, including Gross income (defined below) targets, will make contributions for you into a complying superannuation fund at a rate which is equal to the minimum level of superannuation contributions which be determined by the Employer must make for in consultation with you for the purposes of the Superannuation Guarantee (Administration) Xxx 0000 and the Superannuation Guarantee Charge Act 1992 as amended from time to timewill be reviewed on an annual basis. On commencement of employment, It is expected that you will have access perform consistently at or above the determined minimum performance level. Gross Income is the gross revenue received by Macquarie from ail sources that is attributable to a Choice Election Form (CEF) which gives you the opportunity an adviser, less Macquarie reversals, rebates and third party deductions. The definition of Gross Income, including how it is determined, is subject to choose your own complying superannuation fund or retirement savings account. If you do not make a choice, the Employer's contributions will be paid into the default fund which the Employer has chosen (which will be set out change in the CEF). Please note that the Employer is not obliged to accept more than one request from you to change superannuation funds within any 12 month period. The minimum superannuation contributions form part of your BCR. A current feature of the Employer's default superannuation plan is Death and Total and Permanent Disability (‘DTPD’) cover, with the annual premium being funded from your superannuation account. The terms and conditions of this DTPD cover may be amended or replaced from time to time future at the Employer’s discretion. Please note that cover ceases under AUSTRALIA COMMISSION EA - April 2016 6 Nothing in this clause shall prevent the Employer from exercising its discretion to terminate your employment for any reason, including poor performance, failing to meet minimum performance levels, misconduct or breach of policy and/or regulatory requirements. Commission Based Remuneration Structure The Employer’s current Commission Based Remuneration Structure is comprised of the following two elements: • Base Commission Rates;and • Amounts Payable by the Employee. Commission is currently calculated as follows: (Annual Gross Income x Base Commission Rate) less Amounts Payable Changes can be made to the overall Commission Based Remuneration Structure, or to any or all of its elements (including in relation to eligibility or participation) at the discretion of the Employer's plan for employees once they reach their 65th birthday. Please also be aware that DTPD cover is not a feature of all superannuation plans. If you do elect Choice of Fund and at a later date decide to join the default fund you , but no changes will be required to complete medical underwriting for DTPD cover and will not be eligible for automatic acceptance. Salary Continuance Insurance If you work 15 or more hours per week and are under the age of 65, you must be covered by Salary Continuance Insurance ('SCI'). This cover provides for possible loss of income following an extended period of time off work due to accident or illness. Unless you choose to arrange your own cover, you will participate in the Employer's SCI scheme and the premium will be charged to your BCR. If you choose to arrange your own cover, you must provide a copy of that insurance policy to the Employer. It is recommended that you review affect any existing policies client payment direction given to and assess whether accepted by Macquarie. The Employer may withdraw the terms and conditions are comparable to the Employer's SCI scheme, as it is a condition of employment that Commission Based Remuneration Structure at any privately arranged policy must at least be comparable to the Employer's SCI scheme. If you work less than 15 hours per week or are 65 or more years of age, you should consider arranging this insurance privately. It is important to note that the Employer's SCI scheme and any associated benefits may be amended or replaced from time to time at the Employer’s discretion, and in particular are contingent upon Macquarie continuing to be able to obtain cover at reasonable commercial rates. Any benefits will be applied in accordance with the terms of the applicable insurance policy in force from time to time. You should also note that cover ceases under will be advised in advance of any changes to, or withdrawal of, the Employer's SCI scheme for employees once they reach their 65th birthdayCommission Based Remuneration Structure, or to any or all of its elements, and the effective date of those changes. In addition to your remuneration, a profit share allocation may be made to you in recognition For the purpose of your contribution in this Agreement the course of your employment for commission year is the financial year period from 1 April to 31 MarchMarch each year (’Commission Year’). Profit share allocations are completely discretionary, do not form part of your base remuneration, Base Commission Rates Commission is calculated on a tiered basis according to the following scale: $0-499,999.99 40% from $0 to 499,999.99 $500,000 - 999,999.99 40% from $0 to 499,999.99 and will not be included in the calculation of any termination payments including payments in lieu of notice 50% from $500,000 to 999,999.99 $1,000,000 + 40% from $0 to 499,999.99 50% from $500,000 to 999,999.99 and payments in lieu of accrued but untaken leave. While you may receive a profit share allocation in one financial year, you will not necessarily receive a profit share allocation in any subsequent year. All profit share allocations are inclusive of applicable Costs and will be made in instalments in accordance with applicable Macquarie policies, including the Profit Share and Profit Share Retention policies. Under these policies, any profit share allocations are conditional on, among other things, you remaining employed by the Employer on the relevant vesting and crystallisation dates. No pro-rata amounts will be payable if you are not employed on those dates. This means that you will have no entitlement to any retained portion of your profit share allocation until the relevant vesting dates. The Employer reserves the right to terminate (with or without substitution) or vary the terms of any profit sharing or bonus scheme including, without limitation, this profit share scheme and the related policies, at its discretion.51% from $1,000,000 For example:
Appears in 1 contract
Samples: Employment Agreement
Workplace Surveillance. Macquarie conducts camera, telephone and computer surveillance in the workplace. Such surveillance is ongoing and continuous and may include the copying and retention of footage, emails and audio and computer records and you consent to such surveillance. Further information on Macquarie's workplace surveillance activities is set out in the Workplace Surveillance policy. Basic Cost Responsibility (BCR) The Employer currently remunerates its employees You will be remunerated under the Employer's Commission Based Remuneration Structure (as amended from time to time) which incorporates the Employer's Basic Cost Responsibility remuneration packaging system or any other remuneration packaging system which replaces it ('BCR') ). Under the current remuneration packaging system. Your , your BCR represents the total cost of your employment to the Employer. In addition to your annual salary component, your BCR includes all charges, benefits and other costs associated with your employment (collectively, the 'Costs') including, for example, the Employer's superannuation contributionscontributions payable in respect of salary, fringe benefits tax, payroll tax, salary continuance insurance premiums, workers' compensation insurance premiums, and goods and services tax (where applicable). The Employer will adjust the annual salary component of your BCR to reflect changes to the Costs (or additional Costs) as necessary at any time during your employment so that your total BCR does not change. Please refer to the BCR policy for details regarding your current annual salary component. You acknowledge and agree that salary payments and other employment related benefits are paid made in satisfaction of your remuneration and other benefits provided for in this Agreement (including the annual salary component of your BCR) are all inclusive, over-award payments and will be set off against any payments payment or other benefit to which you aremay, or become, entitled to as a consequence of your employment (whether under legislation, a modern an award or another industrial instrument) including but not limited iimited to minimum wage hourly rates, allowances, overtime and penalty rates and annual leave loading loadings. You will be allocated a BCR, which will be paid as an advance on your commissions and will be a recoverable allocation against any commission earned by you, unless otherwise stated in writing by the Employer. If your earned commission is less than your BCR allocation at the end of any month, this shortfall will be rolled forward to the next month and offset against available net commission. AUSTRALIA COMMISSION EA - April 2015 5 To the extent that your earned commission is less than your BCR allocation in a given Commission Year (except defined below), any shortfall will be rolled forward into the following Commission Year until repaid in full. In addition, you acknowledge and agree that any shortfall may be recovered against amounts which may be allocated to you under any bonus or incentive arrangement as otherwise provided set out in accordance with Macquarie policy as amended from time to time)the provision of the clause in this Agreement headed "Bonus or Incentive Payments". Your BCR may also be revised and may be reduced or increased by the Employer at its discretion. Any amendment to your BCR will not constitute a variation to this Agreement. The Employer may reduce your BCR having regard to your performance levels as set out in the clause titled "Minimum Performance Criteria". Your BCR may be reduced at any point throughout the Commission Year if it appears to the Employer that your earned commission will be less than your BCR allocation for the Commission Year. The quantum of the reduction will be at the discretion of the Employer, however, historical revenue earnings will be considered in making this determination. Your base monthly net salary will be paid, partly in arrears and partly in advance for the calendar month, on the Employer's monthly payroll dates (currently the 15th day of each month) by direct deposit to your nominated bank account. Under the Employer's BCR, you may be eligible to package approved on-going commitments such as motor vehicle or home office leases, hire-purchase arrangements and/or car parking. All packaging requests are subject to the sole consideration and approval of the Employer. Where you make such a request to package and this is approved by the Employer, you are responsible to ensure the cost of such commitments is met. Where commission earnings are not sufficient to cover the cost of any packaged on-going commitments, at the end of the Commission Year you agree to pay the Employer any outstanding cost of the packaged commitment(s) within 30 days of the end of the Commission Year. Should you fail to do so, you acknowledge and agree that the Employer may, in its discretion, deduct such sums from monies owing to you by the Employer. The Employer may amend its remuneration packaging system (currently BCR) at any time. You acknowledge and agree that the salary packaging options made available by the Employer are a benefit to you and any change to the options available may alter your annual salary component. Any such change will neither constitute a variation or a breach of this Agreement. Salary Review of remuneration levels are reviewed annually, and any adjustment is effective 1 July. Reviews are subject to the absolute discretion of the Employer. There is no entitlement to an increase. Please note that all information regarding remuneration is confidentialconfidential and should not be disclosed. Superannuation The Employer Minimum Performance Criteria Your minimum performance levels, including Gross Income (defined below) targets, will make contributions for you into a complying superannuation fund at a rate which is equal to the minimum level of superannuation contributions which be determined by the Employer must make for in consultation with you for the purposes of the Superannuation Guarantee (Administration) Xxx 0000 and the Superannuation Guarantee Charge Act 1992 as amended from time to timewill be reviewed on an annual basis. On commencement of employment, It is expected that you will have access perform consistently at or above the determined minimum performance level. Gross Income is the gross revenue received by Macquarie from all sources that is attributable to a Choice Election Form (CEF) which gives you an adviser, less Macquarie reversals, rebates and third party deductions. The definition of Gross Income, including how it is determined, is subject to change in the opportunity to choose your own complying superannuation fund or retirement savings account. If you do not make a choice, future at the Employer's contributions will be paid into the default fund which discretion. Nothing in this clause shall prevent the Employer has chosen from exercising its discretion to terminate your employment for any reason, including poor performance, failing to meet minimum performance levels, misconduct or breach of policy and/or regulatory requirements. AUSTRALIA COMMISSION EA - April 2015 6 Commission Based Remuneration Structure The Employer's current Commission Based Remuneration Structure is comprised of the following two elements: • Base Commission Rates;and • Amounts Payable by the Employee. Commission is currently calculated as follows: (which will Annual Gross Income x Base Commission Rate) less Amounts Payable Changes can be set out made to the overall Commission Based Remuneration Structure, or to any or all of its elements (including in relation to eligibility or participation) at the CEF). Please note that the Employer is not obliged to accept more than one request from you to change superannuation funds within any 12 month period. The minimum superannuation contributions form part of your BCR. A current feature discretion of the Employer's default superannuation plan is Death , but no changes will affect any existing client payment direction given to and Total and Permanent Disability (‘DTPD’) cover, with the annual premium being funded from your superannuation accountaccepted by Macquarie. The terms and conditions of this DTPD cover Employer may be amended or replaced from time to time withdraw the Commission Based Remuneration Structure at the Employer’s discretion. Please note that cover ceases under the Employer's plan for employees once they reach their 65th birthday. Please also be aware that DTPD cover is not a feature of all superannuation plans. If you do elect Choice of Fund and at a later date decide to join the default fund you will be required to complete medical underwriting for DTPD cover and will not be eligible for automatic acceptance. Salary Continuance Insurance If you work 15 or more hours per week and are under the age of 65, you must be covered by Salary Continuance Insurance ('SCI'). This cover provides for possible loss of income following an extended period of time off work due to accident or illness. Unless you choose to arrange your own cover, you will participate in the Employer's SCI scheme and the premium will be charged to your BCR. If you choose to arrange your own cover, you must provide a copy of that insurance policy to the Employer. It is recommended that you review any existing policies and assess whether the terms and conditions are comparable to the Employer's SCI scheme, as it is a condition of employment that any privately arranged policy must at least be comparable to the Employer's SCI scheme. If you work less than 15 hours per week or are 65 or more years of age, you should consider arranging this insurance privately. It is important to note that the Employer's SCI scheme and any associated benefits may be amended or replaced from time to time at the Employer’s discretion, and in particular are contingent upon Macquarie continuing to be able to obtain cover at reasonable commercial rates. Any benefits will be applied in accordance with the terms of the applicable insurance policy in force from time to time. You should also note that cover ceases under will be advised in advance of any changes to, or withdrawal of, the Employer's SCI scheme for employees once they reach their 65th birthdayCommission Based Remuneration Structure, or to any or all of its elements, and the effective date of those changes. In addition to your remuneration, a profit share allocation may be made to you in recognition For the purpose of your contribution in this Agreement the course of your employment for commission year is the financial year period from 1 April to 31 MarchMarch each year (’Commission Year’). Profit share allocations are completely discretionary, do not form part of your base remuneration, Base Commission Rates Commission is calculated on a tiered basis according to the following scale: $0 -499,999.99 40% from $0 to 499,999.99 $500,000 - 999,999.99 40% from $0 to 499,999.99 and will not be included in the calculation of any termination payments including payments in lieu of notice 50% from 500,000 to $999,999.99 $1,000,000 + 40% from $0 to 499,999.99 50% from $500,000 to %999,999.99 and payments in lieu of accrued but untaken leave. While you may receive a profit share allocation in one financial year, you will not necessarily receive a profit share allocation in any subsequent year. All profit share allocations are inclusive of applicable Costs and will be made in instalments in accordance with applicable Macquarie policies, including the Profit Share and Profit Share Retention policies. Under these policies, any profit share allocations are conditional on, among other things, you remaining employed by the Employer on the relevant vesting and crystallisation dates. No pro-rata amounts will be payable if you are not employed on those dates. This means that you will have no entitlement to any retained portion of your profit share allocation until the relevant vesting dates. The Employer reserves the right to terminate (with or without substitution) or vary the terms of any profit sharing or bonus scheme including, without limitation, this profit share scheme and the related policies, at its discretion.51% from $1,000,000 For example:
Appears in 1 contract
Samples: Employment Agreement
Workplace Surveillance. Macquarie conducts camera, telephone and computer surveillance in the workplace. Such surveillance is ongoing and continuous and may include the copying and retention of footage, emails and audio and computer records and you consent to such surveillancerecords. Further information on Macquariethe Employer's workplace surveillance activities is set out in the Workplace Surveillance policyPolicy (which will be available to you on the Employer's intranet). Basic Cost Responsibility (BCR) The Employer currently remunerates its employees You will be remunerated under the Employer's Commission Based Structure which incorporates the Basic Cost Responsibility ('BCR') remuneration packaging system. AVP Commission - Employment Agreement April 08 Your BCR represents the total cost of your employment to the Employer. In addition to your annual salary component, your BCR includes all charges, benefits and other costs associated with your employment (collectively, the 'Costs') including, for example, the Employer's superannuation contributionscontributions payable in respect of salary, fringe benefits tax, payroll tax, salary continuance insurance premiumscontinuation insurance, workers' workers compensation insurance premiumsinsurance, and goods and services tax (where applicable) (collectively, the 'Costs'). The Employer will adjust the annual salary component of your BCR to reflect changes to the Costs (or additional Costs) as necessary at any time during your employment so employment. You will be allocated a BCR, which is a recoverable allocation against any commission earned. If your earned commission is less than your BCR allocation at the end ofthe month, this deficit will be rolled forward to the next month and offset against available net commission. To the extent that your total earned commission is less than your base BCR does allocation in a given year, you will not change. Please refer be required to pay the shortfall to the Employer, however, your BCR policy will be revised and may be reduced by the Employer in line with the Minimum Performance Clause of this Agreement. The Employer may also reduce your BCR allocation at any point throughout the Commission year if it appears to the Employer that your earned commission will be less than your base BCR allocation for details regarding your current annual salary componentthe year. You acknowledge Subject to the Employer’s rights to vary the base BCR as set out above, BCR levels are reviewed annually and agree that salary payments and other employment related benefits are paid in satisfaction of any payments or other benefit you are, or become, entitled to as a consequence of your employment (whether under legislation, a modern award or another industrial instrument) including but not limited to minimum wage rates, allowances, overtime and penalty rates and annual leave loading (except as otherwise provided in accordance with Macquarie policy as amended from time to time)adjustment is effective 1 July. Your base monthly net salary will be paid, partly in arrears and partly in advance for the calendar month, on the Employer's monthly payroll dates (currently the 15th day of each month) by direct deposit to your nominated bank account. The Under the Employer’s BCR plan, you are eligible to package approved on-going commitments such as Motor Vehicle or Home Office Leases, Hire-Purchase arrangements and/or car parking. All packaging requests are subject to the sole consideration and approval ofthe Employer. Where a request is made and approval given by the Employer may amend to package, the Employee is responsible to ensure the cost of such commitments is met. Where commission earnings are not sufficient to cover the cost of any packaged on-going commitments at the end of the Commission year the Employee commits to pay the Employer the outstanding cost of the packaged commitment(s) within 30 days of the commission year end. Should the Employee fail to do so, the Employer may, in its remuneration packaging system discretion, deduct such sums from monies owing to the Employee. Employees remunerated by BCR are generally not eligible to claim overtime or other penalty rates (currently BCR) at any timeincluding shift loading), other than where provided for under the terms ofthis Agreement. You acknowledge and agree that the salary packaging options made available your remuneration and other benefits, are paid in satisfaction of, and are sufficient consideration for, all hours worked by the Employer are a benefit to you and any change in addition to the options available may alter your annual salary component. Any such change will neither constitute a variation or a breach of this Agreement. Salary levels are reviewed annually, and any adjustment is effective 1 July. Reviews are subject to the absolute discretion of the Employer. There is no entitlement to an increase's normal business hours. Please note that all information regarding remuneration is confidentialconfidential and should not be discussed. Superannuation The Employer Your minimum performance levels, including income targets, will make contributions for you into a complying superannuation fund at a rate which is equal to the minimum level of superannuation contributions which be determined by the Employer must make for in consultation with you for the purposes of the Superannuation Guarantee (Administration) Xxx 0000 and the Superannuation Guarantee Charge Act 1992 as amended from time to timereviewed on an annual basis. On commencement of employment, It is expected that you will have access to a Choice Election Form (CEF) which gives you perform consistently at or above the opportunity to choose your own complying superannuation fund or retirement savings accountdetermined minimum performance level. AVP Commission - Employment Agreement April 08 If you do not make a choicemeet your minimum performance level and/or your earned commission is less than your aimual BCR allocation, effective from the Employer's contributions start of the next commission year your base BCR allocation may be reduced. The quantum of the reduction will be paid into at the default fund which discretion ofthe Employer, however, historical revenue earnings will be considered in making this determination. Nothing in this clause shall prevent the Employer has chosen (which will be set out in the CEF). Please note that the Employer is not obliged from exercising its discretion to accept more than one request from you terminate your employment for reasons including poor performance, failing to change superannuation funds within any 12 month periodmeet minimum performance levels, misconduct or breach of policy and/or regulatory requirements. The minimum superannuation contributions form part of your BCR. A current feature Base Commission Structure is comprised of the Employer's default superannuation plan is Death following three elements: • Base Commission Rates; • Base Order Charges; and Total • Remuneration definitions and Permanent Disability (‘DTPD’) cover, with the annual premium being funded from your superannuation account. The terms and conditions of this DTPD cover may be amended or replaced from time to time at the Employer’s discretion. Please note that cover ceases under the Employer's plan for employees once they reach their 65th birthday. Please also be aware that DTPD cover is not a feature of all superannuation plans. If you do elect Choice of Fund and at a later date decide to join the default fund you will be required to complete medical underwriting for DTPD cover and will not be eligible for automatic acceptance. Salary Continuance Insurance If you work 15 or more hours per week and are under the age of 65, you must be covered by Salary Continuance Insurance ('SCI'). This cover provides for possible loss of income following an extended period of time off work due to accident or illness. Unless you choose to arrange your own cover, you will participate other definitions as outlined in the Employer's SCI scheme and the premium will be charged to your BCR. If you choose to arrange your own cover, you must provide a copy of that insurance policy to the Employer. It is recommended that you review any existing policies and assess whether the terms and conditions are comparable to the Employer's SCI scheme, as it is a condition of employment that any privately arranged policy must at least be comparable to the Employer's SCI scheme. If you work less than 15 hours per week or are 65 or more years of age, you should consider arranging this insurance privately. It is important to note that the Employer's SCI scheme and any associated benefits may be amended or replaced from time to time at the Employer’s discretion, and in particular are contingent upon Macquarie continuing to be able to obtain cover at reasonable commercial rates. Any benefits will be applied in accordance with the terms of the applicable insurance policy in force from time to time. You should also note that cover ceases under the Employer's SCI scheme for employees once they reach their 65th birthday. In addition to your remuneration, a profit share allocation Appendix A. Changes may be made to you the overall Base Commission Structure, or to any or all of its elements, at the sole discretion of the Employer. Employees will be advised in recognition advance of your contribution in any proposed changes to the course Base Commission Structure, or to any or all of your employment for its elements, and the financial effective date of those changes. For the purpose of this contract the Commission year is defined as the period from 1 April to 31 March. Profit share allocations are completely discretionary, do not form part of your base remuneration, and will not be included in the calculation of any termination payments including payments in lieu of notice and payments in lieu of accrued but untaken leave. While you may receive a profit share allocation in one financial year, you will not necessarily receive a profit share allocation in any subsequent March each year. All profit share allocations are inclusive of applicable Costs Commission is calculated on a tiered basis according to the following scale: 0-299,999.99 35% from $0 to $299,999.99 300.000-499,999.99 40% from $0 to $499,999.99 500.000-999,999.99 40% from $0 to $499,999.99 and will be made in instalments in accordance with applicable Macquarie policies50% from $500,000 to $999,999.99 1,000,000 + 40% from $0 to $499,999.99, including the Profit Share 50% from $500,000 to $999,999.99 and Profit Share Retention policies. Under these policies, any profit share allocations are conditional on, among other things, you remaining employed by the Employer on the relevant vesting and crystallisation dates. No pro-rata amounts will be payable if you are not employed on those dates. This means that you will have no entitlement to any retained portion of your profit share allocation until the relevant vesting dates. The Employer reserves the right to terminate (with or without substitution) or vary the terms of any profit sharing or bonus scheme including, without limitation, this profit share scheme and the related policies, at its discretion.51% from $1,000,000 For example:
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Samples: Employment Agreement
