32Long service leave

32 Long service leave

(1)  On the sale by the Treasurer under section 31 of all the shares he or she holds in a company, the Long Service Leave (State Employees) Act 1994 ceases to apply to that company and any of its employees in respect of which that Act applied before that sale.

(2)  In calculating, on or after the sale by the Treasurer under section 31 of all the shares he or she holds in a company, the period of service an employee has completed with that company for the purposes of calculating his or her entitlement to long service leave under any Act, award or agreement, the employee is taken to have completed, on the day on which that sale occurred, a period of service with that company calculated in accordance with the following formula:

where:

Calculated service is the period of service the employee is taken to have completed with the company on the day on which that sale occurred;

S is the total period of service the employee has completed with that company (including service the employee is taken to have completed with that company immediately before the day on which that sale occurred);

P is the period of service that would have been required to be completed by the employee to be entitled to long service leave under the relevant Act, award or agreement if all the shares in that company had always been owned by the person who purchased them in that sale.