Insurance and Social Benefits. The Company will insure the Employee under a "Manager's Insurance Scheme" and/or a pension plan, as per the Employee’s request (the "Insurance Scheme") as follows: (i) the Company will pay an amount equal to 5% (five percent) of the Salary towards a fund for life insurance and pension; (ii) the Company will pay an amount of up to 2.5% (two percent and one half of a percent) of the Salary for a fund for the event of loss of working ability ("Ovdan Kosher Avoda"); and (iii) the Company will pay an amount equal to 8 1/3% (eight percent and one third of a percent) of the Salary towards a fund for severance compensation (the "Company’s Severance Contribution"). Similarly, at the beginning of each month the Company shall deduct from the Salary an amount equal to 5% of the Salary for the preceding month, and shall pay such amount as premium payable in respect of the provident compensation component of the Insurance Scheme. Additionally, the Company together with the Employee will maintain an advanced study fund ("Keren Hishtalmut") and the Employee and the Company shall contribute to such fund an amount equal to 2.5% (two percent and one half of a percent) of the Salary and 7.5% (seven percent and one half of a percent) of the Salary, respectively. All of the Employee's aforementioned contributions shall be transferred to the above referred to plans and funds by the Company by deducting such amounts from each monthly Salary payment.
Insurance and Social Benefits. The Company will insure you under a "Manager's Insurance Scheme" to be mutually agreed upon (the "Insurance Scheme") as follows: (i) the Company will pay, at its expense, an amount equal to 13 1/3% (thirteen percent and one third of a percent) of the Salary towards a fund for life insurance and pension, which includes an amount equal to 8 1/3% (eight percent and one third of a percent) of the Salary towards a fund for severance compensation and 5% (five percent) for pension (Gemel), and shall also deduct an amount equal to 5% (five percent) of the Salary and pay such amount towards the Insurance Scheme for your benefit; (ii) the Company will pay, at its expense, an amount of up to 2.5% (two percent and one half of a percent) of the Salary towards an insurance for the event of loss of working ability ("Ovdan Kosher Avoda"). Further, the Company will also open and maintain an advanced study fund ("Xxxxx Xxxxxxxxxx") on your behalf such that the Company shall contribute, at its expense, an amount equal to 7.5% (seven percent and one half of a percent) of the Salary and shall also deduct an amount equal to 2.5% (two percent and one half of a percent) of the Salary and pay such amount towards the Keren Hishtalmut for your benefit. All of your aforementioned contributions (i.e., not those which at the Company's expense) shall be transferred to the above referred to plans and funds by the Company by deducting such amounts from each monthly Salary payment. All amounts paid by the Company in accordance with this Section will be unconditionally transferred to you or the policies and funds will be transferred in your name, as applicable, upon the termination of your employment under any circumstances and for any reason whatsoever without limitation, provided that the same shall constitute the full and only compensation to be paid by the Company to you in such circumstances, as severance compensation or any other amounts you may be entitled to upon or due termination of your employment in accordance with any applicable law, rule or regulation, or any collective agreement or the like, except that the above shall not be deemed as derogating from remedies available for breach of contract and other unlawful acts or omissions, to the extent applicable.
Insurance and Social Benefits. The Employee shall be entitled to the following benefits:
Insurance and Social Benefits. Executive shall be entitled to the following benefits:
Insurance and Social Benefits. The Company will insure you under an "Manager's Insurance Scheme" to be selected by the Company in coordination with you; or if so requested by you under your existing "Manager's Insurance Scheme" (the "Insurance Scheme") as follows: (i) the Company will pay an amount equal to 5% of the Salary towards a fund for life insurance and pension, and shall deduct 5% from the Salary and pay such amount towards the Insurance Scheme for your benefit; (ii) the Company will pay an amount of up to 2.5% of the Salary towards a fund for the event of loss of working ability (Xxxxx Xxxxxx Xxxxx); and (iii) the Company will pay an amount equal to 8 1/3% of the Salary towards a fund for severance compensation. It is agreed that in case of termination of your employment under any circumstances other than For Cause by law, the Company shall have released to you the Insurance scheme including that portion of the Insurance Scheme paid towards a fund for severance compensation (sub-clause (iii) above), and the same shall constitute as part of the severance compensation to which you are entitled. The Company shall sign an automatic transfer deed waiving any right to withhold or prevent the transfer of the ownership of the Insurance Scheme to you other than for cause by law. The Company together with you will maintain an advanced study fund (Xxxxx Xxxxxxxxxx Fund) such that you and the Company shall contribute to such fund an amount equal to 2.5% and 7.5%, respectively. Your aforementioned contribution is to be transferred to such fund by the Company from each monthly Salary payment. ..
Insurance and Social Benefits. The Company will insure the Employee under a "Manager's Insurance Scheme" (the "Insurance Scheme") as follows: (i) the Company will pay an amount equal to 5% (five percent) of the Salary towards a fund for life insurance and pension; (ii) the Company will pay an amount of up to 2.5% (two percent and one half of a percent) of the Salary for a fund for the event of loss of working ability ("Ovdan Kosher Avoda") provided however that in the event that the Company shall pay less then 2.5% for "Ovdan Kosher Avoda", the balance (up to 2.5%) shall be paid as a benefit to the Employee; and (iii) the Company will pay an amount equal to 8 1/3% (eight percent and one third of a percent) of the Salary towards a fund for severance compensation (the "Company’s Severance Contribution"). Similarly, at the beginning of each month the Company shall deduct from the Salary an amount equal to 5% of the Salary for the preceding month, and shall pay such amount as premium payable in respect of the provident compensation component of the Insurance Scheme. Additionally, the Company together with the Employee will maintain an advanced study fund ("Keren Hishtalmut") and the Employee and the Company shall contribute to such fund an amount equal to 2.5% (two percent and one half of a percent) of the Salary and 7.5% (seven percent and one half of a percent) of the Salary, respectively. All of the Employee's aforementioned contributions shall be transferred to the above referred to plans and funds by the Company by deducting such amounts from each monthly Salary payment.
Insurance and Social Benefits. 4.1 The Company shall insure the Employee: under an accepted "Manager's Insurance Scheme" or "Pension Fund" to be selected by the Employee; (hereinafter referred to as the "Insurance Scheme") as follows: (i) the Company shall pay an amount equal to 5% of the Salary towards a fund for insurance or pension, and shall deduct 5% from the Salary and pay such amount towards the Insurance Scheme for the Employee's benefit; (ii) the Company shall also contribute 2.5% towards insurance for the event of loss of working ability (Ovdan Kosher Avoda) in accordance with Company policy; and (iii) the Company shall pay an amount equal to 8.33% of the Salary towards a fund for severance compensation.
Insurance and Social Benefits. The Company will insure the Employee under a “Manager's Insurance Scheme” (the “Insurance Scheme”) as follows: (i) the Company will pay an amount equal to 5% (five percent) of the Agreed Amount towards a fund for life insurance and pension; (ii) the Company will pay an amount of up to 2.5% (two percent and one half of a percent) of the Salary for a fund for the event of loss of working ability (“Ovdan Kosher Avoda”); and (iii) the Company will pay an amount equal to 8 1/3% (eight percent and one third of a percent) of the Salary towards a fund for severance compensation (the “Company’s Severance Contribution”). Similarly, at the beginning of each month the Company shall deduct from the Salary an amount equal to 5% of the Agreed Amount for the preceding month, and shall pay such amount as premium payable in respect of the provident compensation component of the Insurance Scheme. Additionally, the Company together with the Employee will maintain an advanced study fund (“Keren Hishtalmut”) and the Employee and the Company shall contribute to such fund an amount equal to 2.5% (two percent and one half of a percent) of the Agreed Amount and 7.5% (seven percent and one half of a percent) of the Agreed Amount, respectively, provided however that neither party shall contribute nor shall the Company deduct from each monthly Salary an amount greater than the maximum amount exempt from tax payment under applicable laws. All of the Employee's aforementioned contributions shall be transferred to the above referred to plans and funds by the Company by deducting such amounts from each monthly Salary payment. For the purpose of this Section 11 the “Agreed Amount” shall mean an amount which equals to four times “the average salary in Israel”. The Employee acknowledges and agrees that Section 14 of the Severance Law will apply only up to the Agreed Amount. The Employees hereby waives and relinquishes any amounts exceeding such Agreed Amount in any circumstances whatsoever.”
Insurance and Social Benefits. The AV Translation Company insures the tools and the software of the AV Translation Company used by the employee. The employee must be insured during employment in accordance with the Employment Accidents Insurance Act (Tapaturmavakuutuslaki 608/1948) and other applicable laws. The employee's pension benefits and other social benefits are determined by the relevant acts and provisions.
Insurance and Social Benefits. 6.1. Subject to the terms of the Extension Order for Comprehensive Pension Insurance in the Industry pursuant to the Collective Agreements Law 5717-1957 (the "Extension Order") as may be amended from time to time, the Company shall insure the Employee at the Employee's choice either at a pension fund or under an accepted Manager's Insurance Scheme, either of which to be selected by the Employee (the "Insurance Scheme"). In addition, the Employee will be entitled to have a study fund (Keren Hishtalmut) at his discretion of which the Company will pay 7.5% and 2.5% will be paid be the Employee.
