Incolink Redundancy Contributions Clause Samples
The Incolink Redundancy Contributions clause requires employers to make specific payments to Incolink on behalf of employees to cover redundancy entitlements. Typically, this involves regular contributions calculated based on employee wages or hours worked, ensuring that funds are available if an employee is made redundant. This clause ensures that employees receive their redundancy payments promptly and reliably, reducing financial risk for both parties and providing a clear mechanism for managing redundancy obligations.
Incolink Redundancy Contributions i. The Company is, and will remain during the life of this Agreement, a member of the Redundancy Payment Approved Workers Entitlement Fund 2 ("Incolink Number 5 Fund") of which Redundancy Payment Central Fund Ltd ("Incolink") is trustee or an equivalent approved worker entitlement fund that is administered and/or managed by Incolink (collectively the “Nominated Redundancy Fund”), and all the employees of the Company within the scope of this Agreement will be enrolled in the “Nominated Redundancy Fund” and be entitled to redundancy benefits in accordance with the terms of the relevant Trust Deed.
ii. The Company shall pay contributions to the Nominated Redundancy Fund on behalf of each employee (other than apprentices) on a weekly basis in accordance with the Trust Deed. If Incolink nominates any other fund under clause 3.3(b)(iv) the Company shall pay contributions to that fund on behalf of each employee on a weekly basis and in accordance with the constituting documents of that other fund. The weekly contribution rates will be as per Appendix 1.