Terms and Conditions
General
The Fletcher Building Employee Educational Fund (EEF) is a private trust fund. Persons eligible to apply under the Trust Deed are Fletcher Building permanent employees based in New Zealand, Australia and the South Pacific Islands and the dependent family members of New Zealand and South Pacific Island-based employees.
The objectives of the EEF are to provide educational benefits to eligible beneficiaries with the aim of taking the workforce to new levels of competence and strengthening the employee/employer relationship.
The EEF is independent of Fletcher Building and is governed by a Board of Trustees which is independent to Fletcher Building.
The EEF Trustees consider applications from eligible beneficiaries that are of an educational nature for programmes or courses of study that assist the applicant to realise their full potential through enhancing their knowledge and skills.
The EEF Trustees have total discretion in relation to grants and can review the basis upon which they consider applications.
Applications are considered by the EEF Trustees at the time frames indicated on the website for each application category.
Applications must be received by the Fund Manager prior to the course of study to which the EEF application refers being commenced. Retrospective applications are not considered by the EEF Trustees.
At any one time, applicants can only apply for funding of studies to be undertaken within a twelve month period. Applicants who are undertaking studies towards qualifications that continue over multiple academic years will need to reapply to the EEF year-on-year.
The EEF will only provide funding for tuition fees. Study-related expenses such as text books, travel, accommodation, student union fees, etc. are not included in funding approved by the EEF.
Applicants who receive funding from the EEF and do not complete their course of study within the agreed time frame will, in most cases, be required to refund the money paid to the EEF.
EEF funding approved for studies to be undertaken via distance learning, or on-line learning will be paid out retrospectively upon the successful completion of the studies within the timeframe noted on the EEF Funding Approval.
Applicants must provide the Fund Manager with Certificates of Completion/Attendance, results for papers studied and such other documentation to verify that studies funded by the EEF have been completed.
Applicants must begin drawing approved EEF funding no later than one month following the later of the date of the EEF Funding Approval or the start date of their studies. Failure to do so will result in the expiry of EEF funding approvals.
Under current tax legislation in New Zealand there are no tax implications for grants made to New Zealand-based EEF beneficiaries. However, EEF beneficiaries based in countries outside of New Zealand are responsible for their own tax affairs and should make sure they are aware of any potential tax implications before applying to and accepting grants from the EEF. The EEF accepts no responsibility for tax implications incurred by EEF beneficiaries.
All funding decisions are at the absolute discretion of the EEF and are not subject to any rights of review or appeal. Any study that is online/distance learning, the funding approved will be paid out on successful completion of the study.
Employee Applications
Only those employees who are employed on permanent employment contracts are eligible to apply to the EEF.
Employees must have a minimum of six months service, on a permanent employment contract, with Fletcher Building, or a Fletcher Building subsidiary company, to be eligible to apply to the EEF.
The right to apply and/or receive grants from the EEF does not form part of an employee’s terms and conditions of employment.
An applicant’s chosen course of study must relate to educational initiatives that enhance the knowledge or skills of the applicant in areas that are relevant to the activities of Fletcher Building.
EEF funding should be considered a bonus. It is never guaranteed and as the demand for EEF funding increases, applicants whose applications are supported by the EEF should expect to receive partial rather than full funding of tuition fees.
Given the demand for EEF funding applicants should not expect to receive 100% funding from the EEF. Any shortfall between funding required versus that granted by the EEF will need to be met by either the employee or their Business Unit, subject to discussion and agreement with the employees’ Business Unit.
To be eligible to apply, the work employee applicants do with Fletcher Building must be their primary occupation. That is, if an applicant is a full-time student whose work with Fletcher Building is on a part-time basis they are not eligible to apply.
Funding for any one employee is capped at $15,000 (local currency) per annum.
All Employee Applications must be accompanied by a Letter of Endorsement, prepared on Business Unit letterhead and physically signed by both the applicant’s Direct Manager and the Business Unit HR representative. An overview of what this letter should comment on is included at the start of the Employee Application process on the EEF website.
Employee Applications relating to Masters studies or programmes that the EEF considers to be Executive Education must also be accompanied by a Letter of Endorsement from the applicant’s Business Unit General Manager. An overview of what this letter should comment on is included at the start of the Employee Application process on the EEF website.
Beneficiaries who take-up grants totalling $10,000 (local currency) or greater in any 12-month period will be bonded by their employing Company for the 12-month period following the end of the study period relative to their EEF application, with funds refundable to the EEF on a pro rata basis should the employee leave the company during the bonding period. The same bonding condition will apply to employee beneficiaries who receive grants totalling $20,000 (local currency) or greater over a 36-month period whilst completing studies towards a qualification over more than one year. Beneficiaries agree to their employing Company deducting any refunds owing to the EEF from final salary/wage payments due to the beneficiary. Beneficiaries who become bonded employees as a result of levels of EEF funding approved will be required to sign an agreement between themselves and their employing Company indicating their understanding and acceptance of the bonding conditions prior to EEF funding being released.
Applicants who become bonded employees as a result of the above levels of funding approved by and drawn from the EEF will be required to sign an agreement acknowledging their acceptance and understanding of these bonding conditions prior to any approved EEF funds being released.
Due to the potential implications of Australian tax law, EEF grants to Australian-based employees are limited to employees studying on a full-fee paying basis only. EEF beneficiaries based in Australia are responsible for their own tax affairs and should make sure they are aware of any potential tax implications before applying to and accepting grants from the EEF. The EEF accepts no responsibility for tax implications incurred by EEF beneficiaries.
Dependant Applications
(applicable to New Zealand and South Pacific Islands only)
A dependant is defined as a member of a permanent employee’s immediate family who is financially dependent on the employee and/or student loan/s for their day-to-day needs i.e. food, shelter, clothing, education. A dependant may live away from home for the purpose of undertaking their studies but must remain largely financially dependent on their parent/caregiver and/or student loan/s for their day-to-day needs.
Dependent children must be aged 8 years or over to apply for extracurricular tuition in academic subjects, e.g. tuition undertaken with learning providers such as Kip McGrath, Number Works ‘n’ Words, Kumon, SPELD etc. Funding for children aged less than 8 years will be considered by the EEF where special learning needs exist as assessed by a qualified, independent assessor.
Given the demand for EEF funding, applicants should not expect to receive 100% funding from the EEF.
Funding approved for extracurricular tuition in academic subjects .g. Kip McGrath, Number Works ‘n’ Words, Kumon, SPELD etc, is limited to one lesson per week, per child. Please note the EEF has secured a discounted rate of $64.00/lesson with Kip McGrath for the 2024 year so applications for Kip McGrath tuition for 2024 should reflect this rate.
Funding of extracurricular academic tuition e.g. Kip McGrath, Number Works ‘n’ Words, Kumon, SPELD etc. is limited to 75% of actual tuition costs and capped at NZD2,000 per year, per child.
Employees’ dependants who earn in excess of NZD 36,816.00/pa will not be considered “dependants” and therefore not eligible to apply for EEF funding.
Employees’ partners/spouses who are employed in full-time work but choose to leave their employment as a result of the potential for EEF funding will not be considered “Dependants” and therefore not eligible to apply to the Fund.