If you do this, be very sure you know the legal time period you must wait before reemploying him,
If you are doing this to avoid a big bill should you liquidate him, then you had better do exactly what the law requires. If you terminate him, terminate him. No subterfuge method of paying him just to get your paper trail in order.
Otherwise, if the person is liquidated and has a mind to, he can go to the labor department, make a claim, document the subterfuge, and get a ruling in his favor.
I'm surprised that Hillbilly is suggesting subterfuge because you will likely be found out in the end if the circumstances terms of the liquidation are considered unjust or unfair by the employee.
If the guy is good and you are well pleased with his work, then pay him what it takes to keep him happy and do worry about future liquidations that may very well never happen.