Common use of Savings Program Clause in Contracts

Savings Program. Effective June 1, 1997 Eligibility: Group Retirement Savings Plan (Group RSP) and Employee Savings Plan (ESP) are part of the Savings Program. To be eligible for the Group Retirement Savings Plan, you must be a participant of the Retirement Plan. The Employee Savings Plan is open to all employees following their probation period. Effective January 8, 2001, you may contribute up to a maximum of six (6%) percent of your wages, including overtime. Kraft Canada Inc. will make contributions equal to thirty-five (35%) percent of your contributions. In other words, for each dollar that you will contribute to the program, Kraft Canada Inc. will contribute thirty-five ($0.35) cents. Effective June 1, 2003, you may contribute up to a maximum of six (6%) percent of your wages, including overtime. Kraft Canada Inc. will make contributions equal to forty (40%) percent of your contributions. In other words, for each dollar that you will contribute to the program, Kraft Canada will contribute forty ($0.40) cents. Detailed information on the Program is contained in the SAVINGS PROGRAM brochure, available at the Human Resources Department.