Total Employment Cost definition

Total Employment Cost means the total gross annual remuneration of the Employee (inclusive of superannuation) described in clause 5 and item 4 of Schedule 1, including, but not limited to, the provision of a fully maintained motor vehicle to the Employee, with registration, insurance and ongoing running costs to be borne by the Employer.

Total Employment Cost or “TEC” means the amount described in Clause 61 as it may be varied from time to time.

Total Employment Cost means in relation to a relevant Employee (and including for purposes of any relevant policy of insurance effected by the Trustee), and having regard to the nature of the relationship and arrangement between the Company and Employee, the Employee’s remuneration package (excluding bonuses, commissions, profit share, short or long term incentive payments and other variable remuneration) as determined by the Company and “TEC” has the corresponding meaning. In the case of doubt or difference, the amount shall be as declared by the Principal Company.

Examples of Total Employment Cost in a sentence

• ANZ may elect to pay you in lieu of giving you all or part of the notice period based on your Total Employment Cost package (“TEC”) (refer Schedule below).

• You acknowledge that consideration for the restraint is included in your Total Employment Cost (TEC).

• Thereafter we will review your Total Employment Cost at least once in each 12 months of your employment on such a basis as we, in our absolute discretion, may determine.

• Consideration for the restraint is included in your Total Employment Cost (TEC).

• Participants may nominate up to 20% of their Total Employment Cost and 100% of their Short Term Incentive Opportunity (less any compulsory superannuation) towards the purchase of shares.

• ANZ may elect to pay you in lieu of giving you all or part of the notice period based on your Total Employment Cost (TEC), as described in the Schedule.

• Executive pay packages are determined on a Total Employment Cost (“TEC”) basis and include an appropriate balance of base salary, benefits and at-risk remuneration (in the form of short-term incentive and long-term incentive).

• Company Income Includes Total Employment Cost as defined in Clause 5.1(b) and Incentive Arrangements as defined in Clause 7.

• If ANZ waives the notice period or any part of it, entitlements on termination will include payment in respect of the waived period (calculated on the basis of your Total Employment Cost (TEC), as described in the Schedule).

• Total Employment Cost You will be paid on a total employment cost (TEC) basis.

More Definitions of Total Employment Cost

Total Employment Cost means salary plus oncosts.

Total Employment Cost is the employer’s annual budgeted cost for the position. If there is a cost reduction as a result of the employee receiving Benefits rather than Salary, the saving is returned to the employee, but is not taken into account for superannuation purposes other than for fulfilling the employer’s obligations under the Staff Superannuation Fund.

Total Employment Cost means the total remuneration specified in clause 3 of a Contract to which an Executive Contract Officer is entitled in accordance with paragraph 5, as adjusted from time to time in accordance with paragraph 6; and

Total Employment Cost means the Department’s annual budgeted cost as determined from time to time by the Department, of providing the employee’s to- tal Package as Salary. In the event there is a cost reduction as a result of the employee receiving Ben- efits rather than Salary, the saving is treated as additional salary but is not taken into account for superannuation purposes other than for fulfilling any legal employer superannuation obligations.