Redundancy pay schemes Sample Clauses
A redundancy pay schemes clause outlines the compensation arrangements for employees who are dismissed due to redundancy. It typically specifies the eligibility criteria, calculation methods for redundancy payments, and the process for determining the amount owed, such as basing payments on length of service or salary. This clause ensures that employees receive fair financial support when their roles are eliminated, providing clarity and legal compliance for both employers and employees during workforce reductions.
Redundancy pay schemes. (a) Where an employer terminates the employment of an employee and the employer incurs a redundancy pay obligation to the employee under this clause, some or all of the benefit the employee receives from a redundancy pay fund may be set off against the employer’s redundancy pay obligation under this clause, subject to the following conditions.
(b) If the employee receives a benefit from the redundancy pay fund, the employer may set off any proportion of the benefit which is attributable to the employer’s contribution to the fund against its redundancy pay obligation under this clause. If the proportion so calculated is equal to or greater than the employer’s redundancy pay obligation under this clause the obligation will be fully satisfied.
(c) If the employee does not receive a benefit from the redundancy pay scheme, contributions made by an employer on behalf of an employee to the scheme will, to the extent of those contributions, be set off against the liability of the employer under this clause and payments to the employee will be made in accordance with the rules of the redundancy pay scheme fund or any agreement relating thereto. If the contribution is equal to or greater than the employer’s redundancy pay obligation under this clause the obligation will be fully satisfied. The redundancy pay scheme must be an Approved Worker Entitlement Fund under the Fringe Benefits Tax Regulations 1992.
Redundancy pay schemes. The Employer may offset an Employee’s redundancy pay entitlement in whole or in part to a redundancy pay scheme; provided that where the employment of an Employee is terminated and the Employee receives a benefit from a redundancy pay scheme, the Employee will only receive the difference between the redundancy pay in this clause and the amount of the redundancy pay scheme benefit the Employee receives which is attributable to Employer contributions.
Redundancy pay schemes. (a) The Employer may offset an Employee’s redundancy pay entitlement in whole or in part by contributions to a redundancy pay scheme.
(b) Provided that where the employment of an Employee is terminated and:
(i) the Employee receives a benefit from a redundancy pay scheme, the Employee will only receive the difference between the redundancy pay in this clause and the amount of the redundancy pay scheme benefit the Employee receives which is attributable to Employer contributions. If the redundancy pay scheme benefit is greater than the amount payable under clause 10.5 then the Employee will receive no redundancy payment under clause 10.5; or
(ii) the Employee does not receive a benefit from a redundancy pay scheme, contributions made by the Employer on behalf of an Employee to the scheme will, to the extent of those contributions, be offset against the liability of the Employer under clause 10.5, and payments to the Employee will be made in accordance with the rules of the redundancy pay scheme fund or any agreement relating thereto. The Employee will be entitled to the fund benefit or the Agreement benefit whichever is greater but not both.
(c) The redundancy pay scheme must be an Approved Worker Entitlement Fund under the Fringe Benefits Tax Regulations 1992 (Cth). ACIRT is an approved worker entitlement fund. Protect is an approved worker entitlement fund.