Redundancy funds Sample Clauses

Redundancy funds. 22.8.1 An employer bound by this Agreement may utilise a fund to meet all or some of the liabilities created by this clause. Where:-
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Redundancy funds. An employer bound by this Agreement may utilise a fund to meet all or some of the liabilities created by this clause. Where an employer utilises such a fund: • payments made by a fund designed to meet an employer's liabilities under this clause, to employees eligible for redundancy/severance pay will be set off against the liability of the employer under this clause, and the employee will receive the fund payment or the Agreement benefit whichever is the greater but not both; or • where a fund, which has been established pursuant to an agreement between unions and employers, does not make payments in accordance with this clause, contributions made by an employer on behalf of an employee to the fund will, to the extent of those contributions, be set off against the liability of the employer under this clause, and payments to the employee will be made in accordance with the rules of the fund or any agreement relating thereto and the employee will be entitled to the fund benefit or the Agreement benefit whichever is greater but not both.
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Redundancy funds. 22.10.1 This Clause will be read in conjunction with Clause 22.2 of this Agreement except that where there is any inconsistency; Clause 22.2 of this Agreement will prevail.
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Redundancy funds. An employer covered by this Agreement may utilize a fund to meet all or some of the liabilities created by this clause. Where an employer utilizes such a fund: payments made by a fund designed to meet an employer's liabilities under this clause, to employees eligible for redundancy/severance pay will be set off against the liability of the employer under this clause, and the employee will receive the fund payment or the Agreement benefit whichever is the greater but not both; or
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Related to Redundancy funds

  • Redundancy Pay 22.9 A redundant employee will receive redundancy/severance payments, calculated as follows, in respect of all continuous service (as defined by this Agreement) with the employer. Period of continuous service with the employer Redundancy/severance pay 1 year or more but less than 2 years 2.4 weeks’ pay plus, for all service in excess of 1 year, 1.75 hours pay per completed week of service up to a maximum of 4.8 week’s pay 2 years or more but less than 3 years 4.8 weeks’ pay plus, for all service in excess of 2 years, 1.6 hours pay per completed week of service up to a maximum of 7 week’s pay 3 years or more but less than 4 years 7 weeks’ pay plus, for all service in excess of 3 years, 0.73 hours pay per completed week of service up to a maximum of 8 week’s pay 4 years or more 8 weeks’ pay Provided that an employee employed for less than twelve months will be entitled to a redundancy/severance payment of 1.75 hours per week of service if, and only if, redundancy is occasioned otherwise than by the employee.

  • Redundancy The company is, and will remain during the life of this Agreement, a participating employer in the Redundancy Payment Central Fund Ltd (Incolink) and all employees will be enrolled in the Fund and be entitled to redundancy benefits in accordance with the terms of the Deed. The company shall pay contributions on behalf of each employee into the Incolink Number 1 Fund on a weekly basis, as per the Trust Deed.

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