Common use of Payment of Salary Clause in Contracts

Payment of Salary. (a) During the 4 year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s normal fortnightly salary plus any associated allowances. In the fifth year, when leave is taken, the participants will receive the money contributed over the 4 year period. This amount can be paid fortnightly; in one lump sum payment; or 2 payments, 1 in each of the financial years.

Payment of Salary. (a) During the 4 four year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s a normal fortnightly salary plus any associated allowances. In the fifth year, when leave is taken, the participants participant will receive the money contributed over the 4 four year period. This The amount can be paid fortnightly; in one lump sum paymentsum; or 2 two payments, 1 one in each of the financial years.