LOL Pete I happen to agree. But there are many downsides to including such an arrangement in a contract, not the least being you are trying to summarise what will most likely be quite a detailed policy in a limited number of words. In this vein you are also contracting into those limited words. Much better to have the detail in a policy with a limited reference in the contract.
Indeed many employment lawyers prefer that no redundancy reference (what so ever) is included in a contract.
A perhaps more palatable option is to reference the policy version current at the time the contract is struck. That way you have a policy fixed in time.
In terms of your concerns, there was a very recent case that ruled that such creative policy changes, were invalid due to a number of reasons. Not the least being the interesting timing of the changes.
Akmeemana v Murray & ors [2009] NSWSC 979 (29 September 2009)
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