AP784988CRV - Insurance Industry Award 1998
15.1 Frequency of pay
15.1.1 Unless otherwise prescribed salaries will be paid weekly or fortnightly at the option of the employer.
15.1.1(a) The weekly salary will be 1/52 of the employee’s actual annual salary.
15.1.1(b) The fortnightly salary will be 1/26 of the employee’s actual annual salary.
15.1.2(a) However where an employee is in receipt of a salary of 10 per cent or more in excess of the Grade 7 minimum salary rate prescribed in Clause 14 – Salaries and claissification of this award the salary may be paid monthly at the option of the employer; and
15.1.2(b) Where an employee is in receipt of a salary of 15 per cent or more in excess of the Grade 6 minimum salary rate prescribed in Clause 14 – Salaries and classification of this award this salary may be paid monthly by agreement with the employee.
15.1.2(c) The monthly salary will be 1/12 of the employee’s actual annual salary and the payment will be made at no later than the fifteenth of the month for the whole month.
15.2 Mode of Payment
15.2.1 The employer may pay an employee’s salary by cash, cheque or electronic transfer. Where the payment is made by electronic transfer, the employee must be allowed to nominate the account into which the salary is to be transferred.
