This Deferred Salary Agreement template is designed for use in New Zealand employment contexts where an employee wishes to participate in a structured salary deferral arrangement. The agreement is commonly used to facilitate extended leave periods or sabbaticals while maintaining employment continuity. It sets out the legal framework for deferring a portion of the employee's regular salary, which is then paid out during the leave period. The document ensures compliance with New Zealand employment law, tax regulations, and financial reporting requirements, while protecting both employer and employee interests. It is particularly useful for organizations offering sabbatical programs, career breaks, or extended study leave, and includes provisions for salary calculations, benefit continuations, and early termination scenarios.
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1. Parties: Identifies the employer and employee entering into the agreement
2. Background: Explains the context and purpose of the deferred salary arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement
4. Term of Agreement: Specifies the duration of the salary deferral arrangement
5. Salary Deferral Terms: Details the amount or percentage of salary to be deferred and payment schedule
6. Payment Arrangements: Specifies how and when deferred salary will be paid
7. Leave Arrangements: Outlines how annual leave, sick leave, and other entitlements are handled during the deferral period
8. Tax Treatment: Explains the tax implications and treatment of deferred salary
9. KiwiSaver and Other Deductions: Addresses how KiwiSaver and other regular deductions are handled
10. Employment Status: Confirms continuation of employment and any modifications to terms
11. Termination Provisions: Details what happens to deferred salary if employment ends
12. General Provisions: Standard legal clauses including governing law, amendments, and notices
1. Trust Arrangements: Required when deferred salary is held in trust rather than on employer's books
2. Insurance Provisions: Needed when specific insurance arrangements are required during the deferral period
3. International Tax Provisions: Required for employees who may work internationally during the arrangement
4. Special Leave Provisions: Used when special forms of leave need to be addressed
5. Return to Work Arrangements: Needed when specific provisions for return to work after leave period are required
6. Confidentiality: Optional section for additional confidentiality requirements beyond standard provisions
1. Schedule 1 - Payment Schedule: Detailed breakdown of deferral amounts and payment dates
2. Schedule 2 - Calculation Method: Formula and examples for calculating deferred amounts and payments
3. Schedule 3 - Employee Benefits: Details of how benefits are maintained during the deferral period
4. Appendix A - Notification Forms: Standard forms for various notifications under the agreement
5. Appendix B - Tax Examples: Examples of tax calculations and implications
6. Appendix C - Leave Calculation Examples: Examples showing how leave entitlements are calculated during the arrangement
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