Minimum remuneration definition

Minimum remuneration means the amounts of stipend and non-cash benefits as defined herein which combined will meet the proper and reasonable requirements of the ministry at the current level of living costs and which the General Assembly or the Commission thereof shall declare from time to time.
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Minimum remuneration. If in any financial year the Company has no profits or its profits are inadequate, the Company shall pay remuneration to its Whole-time/ Managing Director(s) in accordance with the provisions of Schedule V of the Act.
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Examples of Minimum remuneration in a sentence

  • Minimum remuneration ‘Minimum remuneration’ shall mean the amounts of stipend and non-cash benefits as defined herein which combined will meet the proper and reasonable requirements of the ministry at the current level of living costs and which the General Assembly or the Commission thereof shall declare from time to time.

  • Minimum remuneration: In the event of loss or inadequacy of profits, in any financial year, the payment of salary, perquisites and other allowances shall be governed by the provisions of Section II of Part II of Schedule V to the Companies Act, 2013 including any statutory modification(s) or re-enactment thereof, as may, for the time being, be in force such as not to exceed two times the limits provided in Table A of section II of Schedule V of Companies Act, 2013.

  • Minimum remuneration paid as per schedule V of the Companies Act, 2013.

  • Minimum remuneration: In the event of loss or in adequacy of profits, in any financial year, the payment of salary, perquisites and other allowances shall be governed by the provisions of Section II of Part II of Schedule V to the Companies Act, 2013 including any statutory modification(s) or re-enactment thereof, as may, for the time being, be in force such as not to exceed two times the limits provided in Table A of section II of Schedule V of Companies Act, 2013.

  • Minimum remuneration: Notwithstanding anything to the contrary herein contained, wherein in any financial year during the currency of the tenure of the Executive Director, the company has no profits or its profits are inadequate, the company will pay remuneration to the ED by way of Basic Salary, benefits, perquisites and allowances, as specified above.

  • Minimum remuneration to Managing DirectorIf, in any financial year, the Company has no profits or its profits are inadequate, the Company shall pay remuneration to its managing director in accordance with the provisions of Schedule V of the Companies Act, 2013 or, if it is not able to comply with such provisions, with the prior approval of the Central Government.

  • Minimum remuneration, in accordance with the provisions of Schedule XIII to the Companies Act, 1956, has been paid to the Managing Director, in the absence of profits for the year.

  • Minimum remuneration If, in any financial year, the Company has no or inadequate profits, the Company shall pay remuneration to its Managerial Person in accordance with the provisions of Schedule V of the Act and if it is not able to comply with such provisions, with the approval of the shareholders.

  • Minimum remuneration that the producer must pay the performer as set forth in this agreement.

  • Minimum remuneration: the eInvent of loss or inadequacy of profits, in any financial year, the payment of salary, perquisites and other allowances shall be governed by the provisions of Section II of Part II of Schedule V to the Companies Act, 2013 including any statutory modification(s) or re-enactment thereof, as may, for the time being, be in force such as not to exceed two times the limits provided in Table A of section II of Schedule V of Companies Act, 2013.

Related to Minimum remuneration

  • Remuneration means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under the Income-tax Act, 1961;

  • Annual Compensation means the wages paid to the member during covered employment within the meaning of Section 3401(a) of the Internal Revenue Code, but determined without regard to any rules that limit the remuneration included in wages based upon the nature or location of employment or services performed during the plan year plus amounts excluded under Section 414(h)(2) of the Internal Revenue Code and less reimbursements or other expense allowances, cash, or noncash fringe benefits or both, deferred compensation, and welfare benefits. Annual compensation for determining benefits during any determination period may not exceed the maximum compensation allowed as adjusted for cost of living in accordance with §5-10D-7 of this code and Section 401(a)(17) of the Internal Revenue Code.

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Service Year means fiscal year, except that:

  • Remuneration Report means the remuneration report which forms part of the Directors’ Report of the Company for the financial year ended 30 June 2020 and which is set out in the 2020 Annual Report.

  • Compensation Period has the meaning specified in Section 2.12(c)(ii).

  • Annual Salary means the salary given under this Part.

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Deferral Year means each calendar year during which the Director makes, or is entitled to make, Compensation Deferrals under Section 3 hereof.

  • Compensation Year means a period of 12 months expiring 31 March in any year;

  • Annual Fees means the annual fees determined by the Council in terms of section 27;

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Final compensation of a member means:

  • Creditable compensation means the full compensation payable annually to an employee working

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Annual Deferral Amount means that portion of a Participant's Base Annual Salary and Annual Bonus that a Participant elects to have, and is deferred, in accordance with Article 3, for any one Plan Year. In the event of a Participant's Retirement, Disability (if deferrals cease in accordance with Section 8.1), death or a Termination of Employment prior to the end of a Plan Year, such year's Annual Deferral Amount shall be the actual amount withheld prior to such event.

  • Base Pay means Executive’s annual base salary rate as in effect from time to time.

  • Year of Service means the computation period of twelve (12) consecutive months, herein set forth, during which an Employee has at least 1000 Hours of Service.

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • Eligible Compensation means (i) for eligible exempt employees, such employee’s base salary at the time the Bonus or Spot Bonus is determined (prorated for time in an eligible position), and (ii) for eligible non-exempt and non-union hourly employees, such employees’ eligible wages for the applicable year as determined by the Company to be required by law.

  • Earnable compensation means the full rate of the

  • Annual Fee has the meaning stated in Section 4.02(a).

  • Bonus Compensation shall have the meaning set forth in Section 3(b).

  • Additional Compensation has the meaning set out in Section 13.3(1).

  • Annual Retainer for a particular Director means the retainer (including any additional amounts payable for serving as lead Director or on any committee of the Board), payable to that Director for serving as a Director for the relevant Remuneration Period, as determined by the Board;