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COLGATE UNIVERSITY Human Resources Department Agreement for Salary Reduction Under the Colgate University Defined Contribution Retirement Plan BY THIS AGREEMENT, made between (the Employee) and Colgate
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How to fill out agreement for salary reduction
How to fill out agreement for salary reduction
01
Start by opening the agreement template or creating a new document.
02
Insert the date of the agreement at the top of the document.
03
Include the names of the parties involved in the agreement, specifically the employer and the employee.
04
Clearly state the purpose of the agreement, which is to document the agreed-upon reduction in salary.
05
Specify the effective date of the salary reduction.
06
Outline the terms and conditions of the salary reduction, including the percentage or amount of reduction, duration of the reduction, and any additional considerations.
07
Include any provisions for reverting to the original salary after a certain period or event.
08
Clearly state any consequences for non-compliance with the agreement.
09
Provide space for the signatures of both the employer and the employee.
10
Review the agreement carefully before signing and ensure that both parties understand and agree to its terms.
Who needs agreement for salary reduction?
01
Employees who are facing financial difficulties or downturn in business and have mutually agreed with their employer to reduce their salary.
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