34.1 With the written agreement of the Managing Director, an employee may elect to:
(a) Receive over a four-year period, 80% of the salary they would otherwise be entitled to receive in accordance with this Agreement; or
(b) Receive over a two-year period, 80% of the salary they would otherwise be entitled to receive in accordance with this Agreement; or
(c) Enter into a similar arrangement involving different periods of time, as agreed by the Managing Director.
34.2 The Managing Director will assess each application for deferred salary scheme on its merits and give consideration to the personal circumstances of the employee seeking leave. At the time of application the employee must indicate whether they are participating in the four-year, two-year, or other deferred salary arrangement.
34.3 With reference to sub-clause 34.1 (a), on completion of the fourth year, the employee will be entitled to twelve (12) months leave, and receive an amount equal to 80% of the salary they would otherwise be entitled to in the fourth year of deferment.
34.4 With reference to sub-clause 34.1 (b), on completion of the second year, the employee will be entitled to six (6) months leave, and receive an amount equal to 80% of the salary they would otherwise be entitled to in the second year of deferment.
34.5 Where the employee completes the required years of deferred salary service and is not required to attend duty in the following year, the period of non-attendance shall not constitute a break in service but shall not count as service for purposes of accruing entitlements in this Agreement.
34.6 An employee may withdraw from this arrangement prior to completing the required period outlined in sub-clause 34.1 by written notice. The employee will receive a lump sum payment of salary foregone to that time but will not be entitled to equivalent absence from duty.
34.7 The Managing Director will ensure that superannuation arrangements and taxation effects are fully explained to the employee by the relevant Authority.
34.8 Should there be any changes to the College policy and guidelines of the Deferred Salary Scheme they shall be revised by the Managing Director in consultation with the Union.