42. BUY-OUT
42.1. SBS may agree with an individual Employee to pay the Employee a buy-out loading in lieu of penalties, allowances, loadings, overtime and/or any other monetary entitlement agreed by both parties for an agreed period. A buy-out loading may, if agreed, be used to satisfy all monetary entitlements additional to base salary under this Agreement, so as to create a single rate of pay for all work performed.
42.2. The loading will be calculated on the basis of an agreed amount of overtime and shift work, and will include any other allowances or loadings that would have been payable to the Employee. The amount of the loading will not be less than the Employee would have otherwise been paid under this Agreement. The components of the loading will be recorded in writing.
42.3. A buy-out loading will be payable during periods of annual leave, but not during any other period of paid leave.
42.4. If an Employee or SBS believes that the level of a buy-out loading has been wrongly calculated or extraordinary events have intervened to change anticipated work patterns, the level may be reviewed. If the review finds any discrepancy the rate will be changed and the Employee paid any back pay adjustments owing within 1 month.
42.5. Subject to clause 42.4 above, the level of a buy-out loading will be reviewed annually.
42.6. A buy-out loading arrangement can be terminated by either the Employee or SBS with 2 weeks’ notice, in which case the standard Agreement provisions for shift penalties, allowances and overtime will apply.