Agreement For Salary Deduction In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00417BG
Format:
Word;
Rich Text
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Description
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise.
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Please deduct the amount your employee agreed to have deducted from each wage or salary payment due the employee. No, an employer cannot withhold or deduct from wages pending the return of uniforms, tools, pagers, or any other employer owned equipment.5.0 Protection of Wages and Deductions. 5.1 As per the Cook Islands Law, the Employer shall deduct PAYE and CINSF contributions directly from the weekly pay and submit to the respective authorities.