Common use of Study Fund Clause in Contracts

Study Fund. The Company and the Employee will maintain an advanced study fund (Keren Hishtalmut). The Company will contribute to such fund an amount equal to 7.5% of the Monthly Salary, and will deduct from the Monthly Salary and transfer to such fund an amount equal to 2.5% of the Monthly Salary, but in each case only up to the maximum amount exempted from tax payment under applicable law. For the avoidance of doubt, no amount remitted by the Company in respect of this paragraph will be considered as part of the Monthly Salary for purposes of any deduction therefrom or calculations of severance pay.

Study Fund. The Company and the Employee will maintain an advanced study fund (Keren Hishtalmut). The Company will contribute to such fund an a gross amount equal to 7.5% of the Monthly Salary, and will deduct from the Monthly Salary and transfer to such fund an amount equal to 2.5% of the Monthly Salary, but in each case only provided, however, that the Company will not gross up any amount payable to the maximum amount exempted from tax payment under applicable lawstudy fund. For the avoidance of doubt, no amount remitted by the Company in respect of this paragraph will be considered as part of the Monthly Salary for purposes of any deduction therefrom or calculations of severance pay.