Pension Committee. The parties agree that issues relating to pension will be dealt with in the multipartite Pension committee. Pension schemes for foreign employees (Minute book as of 19 November 1999) The parties agree on the principle that the companies' overall pension payments shall, on average, be the same for foreign employees as for Norwegian employees. The parties agree as follows: The total pension expenses for foreign employees in the current collective wage period shall amount to 15% of scale wages for the individual employee. The percentage is based on the estimated average cost for Norwegian employees, which currently comprises the premium to Seamen's pension, supplemental pension, the "age 62 scheme" and occupational pension. The employee/trade union representatives in the company shall participate in discussing the company's pension payments and investments in this connection. The parties note that this may sometimes raise extremely complex issues, both legally and financially, and recommend that the companies make use of advisers in this process. The parties agree that the fixed percentage rate shall cover all of the companies' costs associated with establishing and operating pension schemes for the foreign employees, including establishment costs, operating costs and any tax liability or lack of deductions on the company's part, viewed in relation to the Norwegian schemes.
Appears in 4 contracts
Samples: Basic Agreement, Basic Agreement, Basic Agreement
