Step-by-Step: How to enter into a guarantee of annual earnings

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A guarantee of earnings allows you to ignore an award that might otherwise apply to a high-earning employee such as an architect, IT professional or banking executive. By promising to pay an annual remuneration at or in excess of the high income threshold ($138,900 from July 1 2016 – June 30 2017, $142,000 from July 1 2017 – June 30 2018), you don’t have to account for award obligations in areas such as overtime, allowances and consultation requirements in the event of major change.

Use this checklist to ensure that you create the guarantee of annual earnings correctly.

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