Pension Scheme. 4.1. The shipping company pays in early retirement pension, 12,50%. Early retirement pension shall be 13% after 1 June 2021. 4.2. Foreigners, who pursuant to art. 1. sa. 5. in the early retirement pension Act, are exempt from paying to a Faroese pension scheme, and Faroese persons, who have reached the age of retirement shall instead receive the amount, which was to be transferred as an early retirement pension payment, paid as wages. Before the amount is paid, payments, which are to be paid simultaneously as the wages, are deducted from the amount concurrently, so that the expense of the employer remains unaltered.
Appears in 3 contracts
Sources: Employment Agreement, Main Agreement, Employment Agreement