Common use of Study Fund Clause in Contracts

Study Fund. The employee shall be entitled to savings in the study fund. The salary that constitutes a basis for the study fund is the basic salary. The amounts of the payment are: 7.5% at ATL’s expense and 2.5% at the employee’s expense. These amounts of payment shall be calculated up to the salary ceiling permitted for the payment without any tax liability under the Income Tax Regulations, as in force from time to time. If the amounts of the payment (the employer’s share) are larger than the aforesaid ceiling, the difference shall be paid to the employee gross as a study supplement. This supplement shall not constitute a basis for calculating the rights of the employee for any purpose and/or matter.

Study Fund. The employee shall be entitled to savings in the advanced study fund. The salary that constitutes a basis for the advanced study fund is the basic salary. The amounts of the payment are: 7.5% at ATLCompany’s expense and 2.5% at the employee’s expense. These amounts of payment shall be calculated up to the salary ceiling permitted for the payment without any tax liability under the Income Tax Regulations, as in force from time to time. If the amounts of the payment (the employer’s sharepart) are larger than the aforesaid ceiling, the difference shall be paid to the employee gross as a study supplement. This supplement shall not constitute a basis for calculating the rights of the employee for any purpose and/or matter.