Common use of ANNUAL ACCRUAL RATE Clause in Contracts

ANNUAL ACCRUAL RATE. All employees will accrue vacation at the rate of three (3) standard workweeks per year for the first eight (8) years of continuous service. After completing eight (8) years of service an additional standard work week will be added to an employee's vacation account, and vacation will accrue from that point on at the rate of four (4) standard workweeks per year through the twentieth year of continuous service. After completing twenty (20) years of service an additional standard workweek will be added to an employee's vacation account, and vacation will accrue from that point on at the rate of five (5) standard workweeks per year. Authorized absences caused by illness or injury or leaves of absence will not interrupt continuous service for purposes of computing the employee's years of service.

Appears in 4 contracts

Samples: Agreement, Agreement, Agreement

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