Common use of Annual Longevity Pay Clause in Contracts

Annual Longevity Pay. 1. All eligible employees covered by this Agreement who are on the Employer's active payroll as of the effective date of this Agreement shall be entitled to receive Longevity pay based on their length of continuous service as of their anniversary date with the Employer according to the following rules and schedules of payment. Eligible employees shall be deemed to be employees with sixty (60) months of continuous service, as of their anniversary date. a. At the beginning of the 61st month through the 120th month of service, two percent (2%) of the gross income will be paid, per year. b. At the beginning of the 121st month through the 180th month of service, four percent (4%) of the gross income will be paid, per year. c. At the beginning of the 181st month through the 240th month of service, six percent (6%) of the gross income will be paid, per year. d. At the beginning of the 241st month through the 299th month of service, eight percent (8%) of the gross income will be paid, per year. e. At the beginning of the 300th month of service through the 359th month of service, ten percent (10%) of the gross income will be paid, per year. f. At the beginning of the 360th month of service through the 419th month of service, twelve percent (12%) of the gross income will be paid, per year. g. At the beginning of the 420th month of service through the 479th month of service, fourteen percent (14%) of the gross income will be paid, per year. h. At the beginning of the 480th month of service, sixteen percent (16%) of the gross income will be paid, per year. 2. Longevity pay shall be computed as a percentage of the employee's hourly rate. 3. For purposes of this section, continuous service means service calculated from the employee's last hiring date as a regular employee and shall be broken by Quit-Discharge. 4. Employees shall not suffer a break in continuous service if they are absent from work due to layoff, physical disability or authorized leave of absence.

Annual Longevity Pay. ‌ 1. All eligible employees covered by this Agreement who are on the Employer's active payroll as of the effective date of this Agreement shall be entitled to receive Longevity pay based on their length of continuous service as of their anniversary date with the Employer according to the following rules and schedules of payment. Eligible employees shall be deemed to be employees with sixty (60) months of continuous service, as of their anniversary date. a. At the beginning of the 61st month through the 120th month of service, two percent (2%) of the gross income will be paid, per year. b. At the beginning of the 121st month through the 180th month of service, four percent (4%) of the gross income will be paid, per year. c. At the beginning of the 181st month through the 240th month of service, six percent (6%) of the gross income will be paid, per year. d. At the beginning of the 241st month through the 299th month of service, eight percent (8%) of the gross income will be paid, per year. e. At the beginning of the 300th month of service through the 359th month of service, ten percent (10%) of the gross income will be paid, per year. f. At the beginning of the 360th month of service through the 419th month of service, twelve percent (12%) of the gross income will be paid, per year. g. At the beginning of the 420th month of service through the 479th month of service, fourteen percent (14%) of the gross income will be paid, per year. h. At the beginning of the 480th month of service, sixteen percent (16%) of the gross income will be paid, per year. 2. Longevity pay shall be computed as a percentage of the employee's hourly rate. 3. For purposes of this section, continuous service means service calculated from the employee's last hiring date as a regular employee and shall be broken by Quit-Discharge. 4. Employees shall not suffer a break in continuous service if they are absent from work due to layoff, physical disability or authorized leave of absence.