Fund Salary definition

Fund Salary means the salary used for the calculation of employer and employee contributions to the fund and is calculated as follows: A X B X 4.333 whereA = employee’s ordinary hourly equivalent rate of pay, calculated in terms of clause 3(5)(b) andB = the maximum number of ordinary hours an employee is permitted to work at the ordinary rate of pay as per Sectoral Determination 6, or such lesser hours as may be agreed in writing between the employer and the employee or any reduced maximum ordinary hours an employee may work that may be legislated in terms of a sectoral determination or the Basic Conditions of Employment At, whichever is applicable.

Fund Salary means the salary based on the employee’s monthly wage, calculated as follows: AxBx4.333

Fund Salary means the Member's basic annual salary or wages, adjusted on a basis agreed to from time to time between the Employer and the Member; provided that for the purposes of the Fund, Fund Salary shall be determined on the first day of each month of membership of the Fund.

Examples of Fund Salary in a sentence

• The employer shall each month deduct from the earnings of each employee in respect of such month, or part thereof, an amount equal to 5% (five percent) of the employee’s Fund Salary, being contributions to the Provident Fund.

• In addition, if permitted by the related Servicing Contract, for a period no longer than one Business Day immediately preceding the Latest Servicer Remittance Date with respect to the related Distribution Date, such funds may be held in a consolidated drafting account that is a Custodial Account in which funds of other Trusts or Other Xxxxxx Mae Trusts may be held.

• The permanent records of Revenue Account, Special Fund, Development Fund, Project Fund and Provident Fund (Salary AR 10, Computerized salary, Cash Book, Bank Book, Ledger, Cheque Register) are page numbered and sent for scanning by the designated Company and after scanning, the records are retrieved according to page number.

• Every employee shall, during the waiting period set out in subclause (6), enjoy risk cover in respect of death and disability benefits, as well as the fund funeral scheme, which contribution, totalling 5% (five percent) of the Fund Salary, per month shall be borne equally between the employer and the employee.

• New South Wales Coal Mining Industry Statutory Superannuation Fund (Salary Sacrifice) Agreement (ODN No 292 of 1992) is revoked by order of the Australian Industrial Relations Commission dated 14 May 2008.

More Definitions of Fund Salary

Fund Salary means the salary based on the employee’s monthly wage, calculated as follows: AxBx4.333 Where A=employee’s ordinary hourly rate of pay B=the maximum number of hours an employee is permitted to work at the ordinary rate of pay as per Sectoral Determination 6 of 2001 or such lesser number of hours as any be agreed in writing between the employer and the employee or any reduced maximum ordinary hours an employee may work that may be legislated in terms of a Sectoral Determination or the Basic Conditions of Employment Act, whichever is applicable;

Fund Salary means the Member’s basic annual salary or wages, adjusted on a basis agreed from time to time between the Employer and the Member;

Fund Salary means that amount of the Member's annual remuneration upon which the Employer contributes;

Fund Salary means the annual wages or salary of the Member, together with such other regular emoluments as the Employer shall deem to be pensionable, and declared to the Fund from time to time in the currency of the Republic of South Africa.

Fund Salary means the employee’s salary which

Fund Salary means the Member’s basic annual stipend; provided that:

Fund Salary means at any particular date, the Member’s basic annual salary or wages, exclusive of overtime plus all or part of such emoluments at that date as the Employer shall certify as being earned by the Member. If a Member’s Fund Salary has been reduced then, subject to the Employer’s agreement, it may continue to mean his Fund Salary immediately prior to such reduction with benefits continuing accordingly”. [11] Not only is the complainant eligible to become a member of the fund, but he is compelled to join the fund and should have done so when he entered the service of the employer. Furthermore, the employer should have contributed 15% of the complainant’s monthly fund salary to the fund, with no contribution required from the complainant. [12] It is an accepted principle of our law that the employer owes its employees a duty of good faith in relation to their pension rights. The remarks of Marais JA in Tek Corporation Provident Fund & Others v Lorentz [2000] 3 BPLR 227 (SCA) at 235B- D, are apposite in this regard: