Common use of WELFARE Clause in Contracts

WELFARE. 23.01 The Company agrees to pay eighty percent (80%), and the employee will pay twenty percent (20%), of the cost of the existing group insurance plan or equivalent, including major medical, for employees participating therein. Employees shall become eligible for the foregoing welfare coverage upon attaining seniority. The current Weekly Indemnity Insurance shall be equivalent to Employment Insurance benefits, on a 1-1-5-52 formula. In recognition of the fact that the Company is herein providing benefits equal to or greater than those required by the Employment Insurance Act for qualification for premium reduction, the parties hereto agree that the Company shall be entitled to retain the full amount (i.e. twelve-twelfths (12/12)) of the premium, reduction available from the Employment Insurance.

WELFARE. 23.01 The Company agrees to pay eighty percent (80%), and the employee will pay twenty percent (20%), of the cost of the existing group insurance plan or equivalent, including major medical, for employees participating therein. Employees shall become eligible for the foregoing welfare coverage upon attaining seniority. The current Weekly Indemnity Insurance shall be equivalent to Employment Insurance benefits, on a 1-1-5-52 formula. In recognition of the fact that the Company is herein providing benefits equal to or greater than those required by the Employment Insurance Act for qualification for premium reduction, the parties hereto agree that the Company shall be entitled to retain the full amount (i.e. twelve-twelfths (12/12)) of the premium, reduction available from the Employment InsuranceInsurance Commission.