11Long service leave if shares sold

11 Long service leave if shares sold

(1)  This section applies to an employee of TOTE Tasmania or of a TOTE subsidiary to whom, immediately before the sale day, the Long Service Leave (State Employees) Act 1994 applies.

(2)  On the sale day, the Long Service Leave (State Employees) Act 1994 ceases to apply to TOTE Tasmania and its employees or the TOTE subsidiary and its employees.

(3)  In calculating, on or after the sale day, the period of service an employee has completed with TOTE Tasmania, or a TOTE subsidiary, 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, immediately before the sale day, a period of service with TOTE Tasmania, or the TOTE subsidiary, calculated in accordance with the following formula:

where:

Calculated service is the period of service the employee is taken to have completed with TOTE Tasmania, or the TOTE subsidiary, immediately before the sale day;

S is the total period of service the employee has completed with TOTE Tasmania, or with the TOTE subsidiary and TOTE Tasmania, (including service the employee is taken to have completed with TOTE Tasmania) immediately before the sale day;

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 the shares in TOTE Tasmania, or the TOTE subsidiary, had always been owned by the person who purchased them in the sale under section 5 .