21 Salary Reduction Agreement Template

Written By Anonymous Sunday, May 13, 2018 Add Comment Edit

Insert reason for salary reduction such as a union agreement or an overall cutback in salaries. This is a notice by company name that effective start date your salary will be reduced from old salary to new salary.

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Signature of employer representative title.

Salary reduction agreement template. This action is being taken as a result of. Salary reduction letter due to covid 19 download this salary reduction letter in ms word format change it to suit your needs and use it right away. The salary reduction agreement shall be a legally binding agreement between the employer and the employee whereby the employee agrees to take a reduction in salary or to forego an increase in salary with respect to amounts earned after the agreements effective date and whereby the employer agrees to contribute the amount of salary reduced or foregone by the employee to the account.

As long as i remain an eligible employee under the retirement plan indicated in step 1 or until i provide my employer with a written request to end my salary reduction contributions or until i provide my employer with a new salary reduction agreement as permitted under the retirement plan indicated in step 1. This salary reduction agreement replaces any earlier agreement and will remain in effect. A salary reduction letter is a document outlying the conditions for which an employee will have their salary reduced.

This salary reduction shall be in effect as of start date. Employer hereby agrees to this salary reduction agreement and further agrees to identify both the pre tax contributions and the after tax contributions at the time of remittance to the selected investment or insurance providers. The template below can be used to create a customized letter for your business.

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