ACF2100 Study Guide - Final Guide: Earnings Yield, Financial Instrument, Accounts Payable
13 Aug 2018
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Long-service leave allows extended paid leave to employees as a reward for uninterrupted service to the same employer. In a few cases, long-service leave is portable" which means that accumulated long-service leave entitlements may be taken to a new employer. The early periods of employment (usually up to five or seven years) provide no long-service entitlement. If employment ceases during this period, the employee receives nothing. During the next period (five or three years depending on the length of the pre-conditional period), long-service leave accumulates from the beginning of employment. While employees cannot take leave during this period, if they resign they are usually entitled to a cash payment. When the second period has expired, the employee continues to accumulate long-service leave and is eligible to take accumulated leave entitlements. On resignation or retirement, there is usually an entitlement to a cash payment for any accumulated leave.
