4Meaning of “salary or wages”

4 Meaning of “salary or wages”

4 Meaning of “salary or wages”

(1) For the purposes of this Act, the salary or wages of an employee is—

(a) in the case of an employee who is not an executive officer, the total of—

(i) earnings in respect of ordinary hours of work, and

(ii) earnings consisting of over-award payments, shift-loading or commission, and

(iii) allowances and other payments of a kind prescribed by the regulations for the purposes of this subsection, and

(iv) if employment benefits of a kind prescribed by the regulations for the purposes of this subsection are provided to the employee, the cost of providing the employment benefits, or

(b) in the case of an employee who is an executive officer, the salary or wages as last nominated or changed in accordance with this section.

(1A) A regulation made for the purposes of subsection (1) (a) (iii) or (iv)—

(a) may only be made with the concurrence of the Treasurer, and

(b) may apply to all employees who are not executive officers, or to specified employees or classes of employees who are not executive officers.

(2) An amount of salary or wages for the purposes of this Act must be nominated to the employer of an employee who is an executive officer by the employee on, or as soon as practicable after, becoming an employee or being appointed as an executive officer (whichever occurs first). An amount may also be nominated to the employer by the employee on, or as soon as practicable after, being reappointed, or appointed to another position, as an employee.

(3) The amount nominated is to be not less than—

(a) the monetary remuneration payable to the employee at the date of nomination, or

(b) the maximum contribution base, within the meaning of the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth, applicable at that time,

whichever is the lower.

(4) The amount nominated is to be not more than the total value of the remuneration package paid to the employee (less the cost of providing employer’s contributions to superannuation and any performance-related incentive payment), expressed as an annual rate.