Redundancy / Severance. The company will commence contributions to ACIRT on behalf of each employee when he/she has completed 12 months continuous service. The contribution will be at the rate of $25 per week. Contributions will cease when the amount the company has paid into the individual employee's ACIRT account reaches the equivalent of 8 weeks pay. A week’s pay is defined as 38 hours pay without any allowances. No further payments will be made to an employee in the event of the employee’s position becoming redundant.
Appears in 2 contracts
Sources: Employee Collective Agreement, Employee Collective Agreement