Annualisation definition
Examples of Annualisation in a sentence
Annualisation will be restricted to a maximum of 7 additional hours per week at regular overtime rates.
The Annualisation Percentage will replace all “Standard Shift Allowances”, “Public Holiday Penalties”, “Relief Period Penalties” and “Pay Make Up Payments” that the employee would otherwise be entitled to under the following Clauses of the ElectraNet Collective Agreement 2007.
An annualisation agreement must be recorded on the Employer/Employee Annualisation Agreement form, which requires the signature of the employee and the authorised representative of the employer, and must be submitted with the applicable Payroll Start of Year forms (due to Payroll centres by approximately 1 December each year).
Should the Shift Roster or staffing level be changed then ElectraNet and the Transmission System Operators may agree a new Annualisation Percentage based on the new arrangements.
The employer will be obliged to ensure that they record the employee’s actual weekly hours as well as the annualised hours per week (see ‘Employer/Employee Annualisation Agreement’ form).
The operational procedures policy for Annualisation of Salaries is attached at Annexure C - Annualisation of Salary.
The elements of the Annualisation Percentage are summarised in Attachment 1.
Up to the greater of $150 million and 6% of Total Tangible Assets for Indebtedness of Foreign Subsidiaries.
Annualisation of salaries may be negotiated between an Employee and BHSC, where practical for the improvement of business.
If the employee’s regular hours of work changes and/or the employee’s pay rate changes a new Employer/Employee Annualisation Agreement form must be completed, signed by the employer and employee and forwarded to Payroll.