Common use of Income Protection Insurance Clause in Contracts

Income Protection Insurance. The Company shall provide Income Protection Insurance through an ETU nominated policy and scheme. It is agreed that the premium will be collected and administered by the “Protect” Severance Scheme at the same time as severance payments are made. Income protection will be paid for all employees and will be paid for all periods of authorised absence and cannot be on a pro-rata basis. It is agreed the Income Protection Insurance payments are paid on a monthly basis by the 14th day if each month. It is agreed that if a Company has not made a valid or current insurance payment to “Protect” the Company shall be liable for any loss of earnings or benefits that would have otherwise been given to the employee. The rates of payment shall be $14.50 for tradespersons, $9.00 for apprentices per week for the life of this Agreement. The insurance benefits contained in the policy will not be reduced for the life of this Agreement. It is noted that income is received by the ETU Distress, Mortality and Training Funds (Trust) as a result of this policy. Details are provided by PROTECT on behalf of the ETU. Any income received by the Trust shall not be used to fund industrial matters against the interests of the Company. Income shall only be used in accordance with the Trust Deed. Copies of the audit of the Trust shall be available to the parties on request.

Income Protection Insurance. The Company shall provide Income Protection Insurance through an ETU nominated policy and scheme. It is agreed that the premium will be collected and administered by the “Protect” Severance Scheme at the same time as severance payments are made. Income protection will be paid for all employees and will be paid for all periods of authorised absence and cannot be on a pro-rata basis. It is agreed the Income Protection Insurance payments are paid on a monthly basis by the 14th day if of each month. It is agreed that if a Company has not made a valid or current insurance payment to “Protect” ”, the Company shall be liable for any loss of earnings or benefits that would have otherwise been given to the employee. The rates of payment shall be $14.50 for tradespersons, $9.00 for apprentices per week for the life of this AgreementAgreement exclusive of agreed administration fees. The insurance benefits contained in the policy will not be reduced for the life of this Agreement. It is noted that income is received by the ETU Distress, Mortality and Training Funds (Trust) as a result of this policy. Details are provided by PROTECT on behalf of the ETU. Any income received by the Trust shall not be used to fund industrial matters against the interests of the Company. Income shall only be used in accordance with the Trust Deed. Copies of the audit of the Trust shall be available to the parties on request.