Since January 2010, employers covered by the Building and Construction General On-site Award [MA000020] have been required to pay the equivalent of 1.75 hours of wages per week of service to every employee made redundant. This award obligation amounts to 8 weeks wages after 4 or more years of continuous service and can total more than $8,000 per employee.
So why choose ReddiFund?
ReddiFund provides an award level redundancy payment product that is endorsed by the Master Builders Association WA (MBA); Construction Contractors Association WA (CCA); and Master Plumbers and Gasfitters Association WA (MPGA).
Contributing to ReddiFund has the following benefits:
- It ensures you meet your award obligations
- You avoid accruing significant liabilities
- Contributions are tax deductible in the year you make the payment
- No administration fees are charged to you or your employees
- You create a stronger relationship with your employees that encourages loyalty and participation, hence a more productive workforce
Joining the fund requires completion of a simple Contribution Agreement with ReddiFund. Contributions are paid monthly and set at a minimum of $40 per week per employee, and also the optional $12 (ex GST) per week indemnity cover fee. Indemnity cover includes ambulance, journeys to and from work, funeral, child care and leisure travel.
Only your employees can access their entitlements, subject to satisfying the conditions for making a claim. The payments will be made after deducting the appropriate amount of tax.
Please contact us on (08) 9481 0259 and we’ll be happy to answer all your questions.