September 19, 2021
All workers covered by a Union collective agreement and having a defined contribution account (accumulation account) are entitled to insurance cover, subject to the rules of law. In accordance with the agreements, your employer pays for all Energy Queensland employees are entitled to pension benefits. Energy Queensland Union Collective Agreement provides that Energy Super is the standard fund for Energy Queensland employees. Energy Super is a platinum-rated pension fund* for employees working in the energy sector. Workers employed under an individual contract can choose the choice of fund. A power of attorney is a legal document that allows the person (the procuring entity) to appoint a person who makes financial decisions on their behalf (the lawyer). A “general” power of attorney is extinguished when the client loses his mental capacity. A “permanent” power is maintained even if the client loses his mental capacity. Employees over the age of 60 receive the value of their disabled account at the time of their death or full and permanent explanation. A temporary disability benefit is available (as a 14-day pension) if you are temporarily unable to work and meet the eligibility criteria.
You can find more information about your insurance coverage in the benefit-oriented manual. Information on taxing your contributions can be found in the “How My Super is Taxed Guide” and in the factsheet on discounted contributions (defined benefit members). Defined benefit members have a different calculation. For more information, see the Defined Benefits Manual and the Fact Sheet on Reduced Contributions (Defined Benefit Members). All employees have the right to request additional insurance coverage with more information in the Corporate Insurance Guide. Energy Super Defined Benefit is a performance calculated based on your final average salary and years of service. The employer`s contribution rate may vary, but this does not affect a member`s entitlement to defined benefits. The standard rate of employee contributions is 5.88%; This is only possible if a salary victim is chosen. When contributions are paid after tax, the standard rate is 5%.
Employees can choose to contribute more or less than 5%, but if you decide to contribute less than 5%, Energy Queensland does not pay the additional 1%. Energy Queensland pays at least 9.5% (or the corresponding percentage set by applicable law) of the amount obtained by multiplying the normal hourly wage of the part-time employee with the number of hours the employee normally has to work during the working period. . . .
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