NSW Treasury has issued a new Circular on ‘notional salary calculations’ as they apply to senior executives and positions.
Circular NSWTC19-09 Notional Salary 2019-20 sets out the notional salary determinations relating to accrued leave owed to senior executives electing to take the money value of their leave when leaving their position or when a non-executive officer acts in an executive position.
The new Circular replaces the previous Treasury Circular TC18-11 Notional Salary 2018-19.
Announcing the new Circular, Treasury said senior executives must contribute the employer contribution to superannuation out of their total remuneration package in accordance with the superannuation contribution guarantee, up to the maximum contribution base.
“If the total remuneration package is greater than $242,082.60 per annum, the notional salary is calculated as the total remuneration package less $21,002.60,” Treasury says.
It says that under the Government Sector Employment Regulation 2014, the notional salary determined the money value of accrued annual leave owed to a senior executive that elected for the whole or part of the notional salary to be paid upon ending employment with one agency and recommencing work with a different government sector agency.
“The notional salary determines… the money value of extended leave accrued or payable to a Public Service senior executive in accordance with Schedule 1,” it says.”
“The notional salary determines… the amount of the allowance to be paid to a Public Service non-executive employee who is temporarily assigned to an executive role.”
The new Circular can be accessed on the Treasury website at this PS News link.
