Annual Conversion of Vacation Sample Clauses

Annual Conversion of Vacation. Leave Employees who have not scheduled or been unable to use vacation leave may convert to cash up to eighty (80) hours of vacation leave. Employees will not be eligible for annual conversion of vacation leave unless they have scheduled and taken eighty (80) hours of vacation leave during that calendar year. The conversion request must be submitted by November 15 of each year. Conversion shall occur on the first paycheck paid in December.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Annual Conversion of Vacation. An employee may convert to pay an amount equal to the unused vacation leave hours for vacation leave accumulated from PY 01 to PY 23 of the current year. The request for vacation leave conversion must be made by October 20. Payment for converted vacation leave will be made in December and will be paid at the employee’s rate of pay in effect on the last day of the pay period in which the payment is made. Once an election is made, the election may not be revoked for any reason. However, if the employee’s vacation leave balance is less than the number of hours elected, only those vacation hours remaining will be converted to pay. The maximum amount of the converted vacation leave that can be considered “earnable salary”, under the OPERS Annual Conversion Plan, is the amount that the employee accrues through PY 23, less any amounts taken through PY 23. The payment will be subject to OPERS contributions in addition to any applicable income tax withholding.
Sample 1
Annual Conversion of Vacation. An employee may convert to pay an amount equal to the unused vacation leave hours for vacation leave accumulated from PY 01 to PY 23 of the current year. The request for vacation leave conversion must be made by October 20. Payment for converted vacation leave will be made in December and will be paid at the period in which the payment is made. Once an election is made, the election may not be revoked for any reason. tion leave balance is less than the number of hours elected, only those vacation hours remaining will be converted to pay. The maximum amount of the converted vacation leave that can be cons , under the OPERS Annual Conversion Plan, is the amount that the employee accrues through PY 23, less any amounts taken through PY 23. The payment will be subject to OPERS contributions in addition to any applicable income tax withholding.
Sample 1

Related to Annual Conversion of Vacation

  • Accumulation of Vacation Vacation leave may be accumulated to any amount provided that once during each fiscal year, each supervisor's accumulation must be reduced to two hundred and seventy-five (275) hours or less. If this is not accomplished on or before the last day of the fiscal year, the amount of vacation shall automatically be reduced to two hundred seventy-five (275) hours at the end of the fiscal year. Supervisors on a Military Leave under Appendix I shall earn vacation leave as though actually employed, without regard to the maximum accumulation set forth above. Vacation earned in excess of the maximum accumulation shall be taken within two (2) years of the date the supervisor returns from the Military Leave.

  • Time of Vacation (a) All vacation earned during one (1) vacation year shall be taken during the next following vacation year at a mutually agreeable time.

  • Calculation of Vacation Pay Vacation pay shall be at the rate effective immediately prior to the vacation period. However, should any salary increase become effective during the employee's vacation period, he/she shall receive the benefit of such increase from the effective date.

  • Accrued Vacation It is further agreed by the parties hereto that, upon sale or transfer of ownership of any store or upon dissolution of business, vacation pay for all months worked for which no vacation pay has been given shall be immediately paid to all employees coming under this Agreement, regardless of length of time said employee has been with the Employer.

  • Annual Vacation Auxiliary employees will be entitled to receive annual vacation at the rate of four percent (4%) of their regular earnings. After one thousand (1,000) days worked, auxiliary employees will be entitled to receive annual vacation at the rate of six percent (6%) of their regular earnings.

  • Accumulation of Vacation Leave An employee who has earned at least ten (10) days' pay for each calendar month of a vacation year shall earn vacation leave of:

  • Callback from Vacation (a) Employees who have commenced their annual vacation shall not be called back to work, except in cases of extreme emergency.

  • SECTION 4 - VACATION 4.1 Employee shall be entitled to accrue and take vacation leave in accordance with the policy applicable to employees of Manitoba.

  • Computation of Vacation Pay Where an employee's vacation pay for the current year is to be computed as a percentage of his "total wages earned" in the previous year, such "total wages earned" shall include the amount of vacation pay the employee received in the previous year.

  • Supplementary Vacation The supplementary vacations as set out below are to be banked on the outlined supplementary vacation employment anniversary date and taken at the employee’s option at any time subsequent to the current supplementary vacation employment anniversary date but prior to the next supplementary vacation employment anniversary date.

Time is Money Join Law Insider Premium to draft better contracts faster.