Common use of SEVERANCE/REDUNDANCY Clause in Contracts

SEVERANCE/REDUNDANCY. 16.1 The Company is, and will remain during the life of this Agreement, a member of the Redundancy Payment Approved Workers Entitlement Fund 2 (“Incolink Number 2 Fund”) of which Redundancy Payment Central Fund Ltd (“Incolink”) is trustee, and all the employees of the Company within the scope of this Agreement will be enrolled in the Incolink Number 2 Fund and be entitled to redundancy benefits in accordance with the terms of the Trust Deed. 16.2 The Company shall pay contributions to the Incolink Number 2 Fund on behalf of each employee on a weekly basis in accordance with the Trust Deed. If Incolink nominates any other fund, the Company shall pay contributions to that fund on behalf of each employee on a weekly basis and in accordance with the constituting documents of that other fund, subject to the maximum payments specified in this agreement. 16.3 The liability of the Company to pay redundancy payments to an employee under this clause will be met by the making of the contributions on behalf of each employee required as a member of the Incolink Number 2 Fund, or by another fund nominated by Incolink under clause 13.4 hereof. 16.4 References in this clause to “Incolink Number 2 Fund” include a reference to another fund for comparable purposes nominated by Incolink for the purpose of this Agreement as a fund, which supersedes the Incolink Number 2 Fund. 16.5 Employees working less than 36 hours per week shall receive Incolink payments on a pro rata basis The Company will pay an amount equivalent to the prevailing Superannuation Guarantee ▇▇▇▇ into one of the following approved funds: ❖ C Bus ❖ Vic Super ❖ Australian Super For the purpose of this clause, ordinary time earnings shall be as defined in the Australian Taxation Office Ruling 94/4 or subsequent Australian Taxation Office Rulings.

SEVERANCE/REDUNDANCY. 16.1 The Company is, and will remain during the life of this Agreement, a member of the Redundancy Payment Approved Workers Entitlement Fund 2 (“Incolink Number 2 Fund”) of which Redundancy Payment Central Fund Ltd (“Incolink”) is trustee, and all the employees of the Company within the scope of this Agreement will be enrolled in the Incolink Number 2 Fund and be entitled to redundancy benefits in accordance with the terms of the Trust Deed. 16.2 The Company shall pay contributions to the Incolink Number 2 Fund on behalf of each employee on a weekly basis in accordance with the Trust Deed. If Incolink nominates any other fund, the Company shall pay contributions to that fund on behalf of each employee on a weekly basis and in accordance with the constituting documents of that other fund, subject to the maximum payments specified in this agreement. 16.3 The liability of the Company to pay redundancy payments to an employee under this clause will be met by the making of the contributions on behalf of each employee required as a member of the Incolink Number 2 Fund, or by another fund nominated by Incolink under clause 13.4 hereof. 16.4 References in this clause to “Incolink Number 2 Fund” include a reference to another fund for comparable purposes nominated by Incolink for the purpose of this Agreement as a fund, which supersedes the Incolink Number 2 Fund. 16.5 Employees working less than 36 38 hours per week shall receive Incolink payments on a pro rata basis The Company will pay an amount equivalent to the prevailing Superannuation Guarantee ▇▇▇▇ Levy into one of the following approved funds: ❖  C Bus ❖  Vic Super ❖  Australian Super For the purpose of this clause, ordinary time earnings shall be as defined in the Australian Taxation Office Ruling 94/4 or subsequent Australian Taxation Office Rulings.