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 $12,000 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 in arrears and set at a minimum of $40 per week per employee. In addition, ReddiFund also offers the following cover for a low cost of $10 (ex GST) per week, per employee:
- Journey (to and from work)
- Childcare; and
- Leisure Travel
ReddiFund also offers Income Protection cover of up to $1,500 per week for emplyees at $25 per week per employee which includes other great benefits.
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 or firstname.lastname@example.org and we’ll be happy to answer all your questions.