Redundancy pay schemes Sample Clauses

Redundancy pay schemes. (a) Where an employer terminates the employment of an employee and the employer incurs a redundancy pay obligation to the employee under this clause, some or all of the benefit the employee receives from a redundancy pay fund may be set off against the employer’s redundancy pay obligation under this clause, subject to the following conditions.
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Redundancy pay schemes. The Employer may offset an Employee’s redundancy pay entitlement in whole or in part to a redundancy pay scheme; provided that where the employment of an Employee is terminated and the Employee receives a benefit from a redundancy pay scheme, the Employee will only receive the difference between the redundancy pay in this clause and the amount of the redundancy pay scheme benefit the Employee receives which is attributable to Employer contributions.
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Redundancy pay schemes. Where an employer terminates the employment of an employee and the employer incurs a redundancy pay obligation to the employee under this clause, some, or all of the benefit the employee receives from a redundancy pay fund may be set off against the employer's redundancy pay obligation under this clause, subject to the following conditions. If the employee receives a benefit from the redundancy pay fund, the employer may set off any proportion of the benefit which is attributable to the employer's contribution to the fund against its redundancy pay obligation under this clause. If the proportion so calculated is equal to or greater than the employer's redundancy pay obligation under this clause the obligation will be fully satisfied. If the employee does not receive a benefit from the redundancy pay scheme, contributions made by an employer on behalf of an employee to the scheme 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 redundancy pay scheme fund or any agreement relating thereto. If the contribution is equal to or greater than the employer's redundancy pay obligation under this clause the obligation will be fully satisfied. As per Clause 43.2 The redundancy pay scheme must be an Approved Worker Entitlement Fund under the Fringe Benefits Tax Regulations 1992.
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Related to Redundancy pay schemes

  • 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.

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