Protection of Wages on Insolvency Fund

The Protection of Wages on Insolvency Fund is financed by an annual
levy of $250 on each business registration certificate. Employees who are
owed wages and other employment termination benefits by their insolvent
employers may apply to the fund for ex gratia payment.

The fund covers arrears of wages not exceeding $36,000 accrued during
a period of four months preceding the applicant's last day of service;
wages in lieu of notice for termination of up to $22,500 or one month's
wages, whichever is less; and severance payment up to $36,000, plus
50 per cent of any entitlement in excess of $36,000. The fund received
10 550 applications and paid out a total of $236.5 million to 9 003
applicants in 1997.

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