Insured Salary definition
Examples of Insured Salary in a sentence
The contribution to the Pension Insurance shall be as follows: (i) the Company shall contribute an amount equal to 6.5% of the Insured Salary for premium payments (the “Company Contribution”) and an additional 8.33% of the Insured Salary for severance payments; and (ii) the Employee shall contribute 6% of the Insured Salary toward the premiums payable in respect of a Pension Insurance.
It is agreed and understood that during the First Period the insured salary shall be lower between the Insured Salary and the First Period Monthly Salary.
In the event that the Employee chooses a senior executive insurance policy, contributions will be identical to those with respect to a pension fund, but the Company’s contributions for benefits, 6.5% of the insured salary, will also include the cost of disability insurance, to the tune coverage of 75% of the Insured Salary, provided that the Company’s contribution rate for benefits alone, is no less than 5% of the Insured Salary.
For the purposes of this section only, the Insured Salary will be the Base Salary, together with the overtime payment, hereinafter: the “Insured Salary”).
In addition, at the beginning of each month the Company shall deduct from the Salary of the Employee an amount equal to 5.75% of the Insured Salary for the preceding month, and shall pay such amount on behalf of the Employee to such Policy.
The Employee shall be entitled, at his discretion, to a pension fund or Manager’s Insurance Policy (“Pension Fund”), in accordance with Israeli law, and the Company shall contribute to the Pension Fund (for severance compensation and retirement (Gemel component)) the percentage of the Employee’s Insured Salary, required to be contributed by the Company in accordance with applicable law.
The Section 14 Arrangement (with respect to the Insured Salary) and the above approval under Section 28 of the Severance Pay Law (with respect to the Exceeding Amount), constitute the full entitlement, if any, of Executive to any severance pay under any applicable law.
With respect to the Insured Salary, the Company and Executive agree to adopt the provisions of the “General Approval of the Minister of Labor and Social Welfare Regarding Payments by Employers to a Pension Fund and Insurance Fund in lieu of Severance Pay”, which was issued in accordance with the Severance Pay Law, 1963 (the “General Acknowledgement”), as amended from time to time.
The Company will contribute to an education fund an amount equal to 7.5% of the Insured Salary, and will deduct from each monthly payment and contribute to such education fund an additional amount equal to 2.5% of the Insured Salary.
For the purpose of Sections 5 and 6, the term "Insured Salary" shall mean an amount equal to 8 times the "market minimum wage", as shall be updated from time to time (currently NIS 42,400) or any other amount as shall be determined by the Ministry of Labor, Welfare and Social Services in accordance with the provisions of Section 28 to the Severance Pay Law, 1963.