Fund Salary definition

Fund Salary means the salary used for the calculation of employer and employee contributions to the fund and is calculated as follows: A X B X 4.333 whereA = employee’s ordinary hourly equivalent rate of pay, calculated in terms of clause 3(5)(b) andB = the maximum number of ordinary hours an employee is permitted to work at the ordinary rate of pay as per Sectoral Determination 6, or such lesser hours as may be agreed in writing between the employer and the employee or any reduced maximum ordinary hours an employee may work that may be legislated in terms of a sectoral determination or the Basic Conditions of Employment At, whichever is applicable.

Fund Salary means the salary based on the employee’s monthly wage, calculated as follows: AxBx4.333

Fund Salary means the Member's basic annual salary or wages, adjusted on a basis agreed to from time to time between the Employer and the Member; provided that for the purposes of the Fund, Fund Salary shall be determined on the first day of each month of membership of the Fund.

Examples of Fund Salary in a sentence

• Lump sum benefits payable on disability and death in service are self-­‐insured on a current cost basis, i.e. part of the contributions paid to the Fund (1% of Fund Salary) are allocated towards the expected cost of claims arising in that year.

• In general, however, your Fund Salary will normally be less than your total remuneration package.

• If you are remunerated on the pre-2012 Conditions of Service your Fund Salary is your basic annual salary, together with the cash value of any benefits on which the Employer has directed that the contribution be based, and is equal to approximately 108% of the “Cash Salary” shown on your salary advice.

• The employer shall each month deduct from the earnings of each employee in respect of such month, or part thereof, an amount equal to 5% (five percent) of the employee’s Fund Salary, being contributions to the Provident Fund.

• After a three month waiting period, during which the University maintains payments from your sick leave, amonthly benefit equal to your full Fund Salary may be payable by the Benefit Arrangement for as long as you are considered disabled.

More Definitions of Fund Salary

Fund Salary means the salary based on the employee’s monthly wage, calculated as follows: AxBx4.333 Where A=employee’s ordinary hourly rate of pay B=the maximum number of hours an employee is permitted to work at the ordinary rate of pay as per Sectoral Determination 6 of 2001 or such lesser number of hours as any be agreed in writing between the employer and the employee or any reduced maximum ordinary hours an employee may work that may be legislated in terms of a Sectoral Determination or the Basic Conditions of Employment Act, whichever is applicable;

Fund Salary means the Member’s basic annual salary or wages, adjusted on a basis agreed from time to time between the Employer and the Member;

Fund Salary means the employee’s salary which

Fund Salary means the Member’s basic annual stipend; provided that:

Fund Salary means that portion of a MEMBER’S total remuneration, as agreed from time to time between a MEMBER and EMPLOYER as specified in the SPECIAL RULES, on which his/her contributions toward his/her FUND CREDIT shall be based. Effective: 30/01/2020

Fund Salary means that amount of the Member's annual remuneration upon which the Employer contributes;

Fund Salary means at any particular date, the Member’s basic annual salary or wages, exclusive of overtime plus all or part of such emoluments at that date as the Employer shall certify as being earned by the Member. If a Member’s Fund Salary has been reduced then, subject to the Employer’s agreement, it may continue to mean his Fund Salary immediately prior to such reduction with benefits continuing accordingly”. [11] Not only is the complainant eligible to become a member of the fund, but he is compelled to join the fund and should have done so when he entered the service of the employer. Furthermore, the employer should have contributed 15% of the complainant’s monthly fund salary to the fund, with no contribution required from the complainant. [12] It is an accepted principle of our law that the employer owes its employees a duty of good faith in relation to their pension rights. The remarks of Marais JA in Tek Corporation Provident Fund & Others v Lorentz [2000] 3 BPLR 227 (SCA) at 235B- D, are apposite in this regard: