Members can arrange to pay their staff in part trade via a dedicated staff account that can be established for this purpose. This could be a situation where a percentage of a staff member's wage is paid in trade, or arrangements are made to pay overtime or bonuses in trade credits. The trade component must be over the award wage for that industry.
Staff accounts can only be established for the deposit of wages and the staff member does not pay fees on this account. The employer who pays their staff in part trade will be charged the 5.0% transaction fee when transferring the funds into the staff member's account.
Should the holder of a staff account wish to receive trade credits from any other source, a separate account will be opened, the $595.00 (inc GST) joining fee paid, and a transaction fee of 5.0% on the purchase of goods and services, and 5.5% on real estate or contractual purchases, will apply.
Staff accounts do not attract a trade facility.
To apply for a staff account, the employee must complete and sign the Empire Trade membership application form. The employer completes a Staff Account Request and forwards both the application and the request to head office, together with the first deposit. Staff accounts will not be opened without an initial deposit.
It is the responsibility of the employer to advise Empire Trade within 7 days of the staff member leaving their employ. If the employer fails to notify Empire Trade Head Office within this period, and the staff account then incurs a debit balance, the employer is responsible for reimbursing Empire Trade for the funds owing.
Legal advice we have received indicates that payments in trade should only be used for incentives and over-award payments and not for basic wages. If payments, which are contractually due, are to be paid in trade then it needs to be a term of the employment contract (in writing). We advise that employers seek their own legal advice before entering into an arrangement with staff to make payments in trade.
If you wish to establish a staff account, please contact head office on +61  5437 7220 or email email@example.comXchange.com.