Annual Sick Leave Cash Out. In January of the year following any year in which a minimum of sixty days of leave for illness or injury is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one day's monetary compensation of the employee for each four full days of accrued leave for illness or injury in excess of sixty days. Leave for illness or injury for which compensation has been received shall be deducted from accrued leave for illness or injury at the rate of four days for every one day's monetary compensation: Provided that no employee may receive compensation under this section for any portion of leave for illness or injury accumulated at a rate in excess of one day per month.
Appears in 6 contracts
Samples: Labor Agreement, Labor Agreement, Labor Agreement
