Bridging Incentive Sample Clauses

Bridging Incentive. To be eligible for the bridging incentive employees must: • Be Regular Full-time or Regular Part-time* • Be less than 55 years of age, however, age plus service is equal to or greater than 80. Eligible employees will receive: • A bridging allowance, up to a maximum equivalent of 52 weeks base salary**
Sample 1
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Bridging Incentive. To be eligible for the bridging incentive employees must:  Be Regular Full-time or Regular Part-time*  Be less than 55 years of age, however, age plus service is equal to or greater than 80. Eligible employees will receive:  A bridging allowance, up to a maximum equivalent of 52 weeks base salary**  A 26 week lump sum payment  A bridging allowance top up (lump sum payment) o The purpose of the bridging allowance top up is to reduce the impact on an employee’s pension where the employee chooses to depart the Company under the bridging incentive.  The bridging allowance top up will be calculated based on the number of months remaining before an employee reaches age 55 at the time of departure over a maximum bridging period of twenty-four (24) months multiplied by 26 weeks base salary. In any event, the value of the bridging allowance top up will be capped at twenty-six (26) weeks salary. * Lump sum payment for Regular Part-time employees shall be prorated as follows: For severance purposes, service is represented as the sum of (i) any period or periods of Regular Full-Time employment and (ii) any period or periods of Regular Part-Time employment, pro-rated accordingly. ** The Bridging Allowance to be calculated pursuant to current monthly bridging formula in a manner consistent with the calculation of the Bridging Allowance in Category 3 of Article 27.06.1 – Severance. Bridging Allowance Top up Formula: # of months remaining to age 55 24 months x 26 weeks base pay = Top up allowance The following examples illustrate the calculation of the Bridging Allowance Top up: Example 1 – Employee age 53 with a $60,000.00 base salary 24 x $30,000.00 = $30,000.00 Example 2 – Employee age 54 with a $60,000.00 base salary x $30,000.00 = $15,000.00 Example 3 – Employee age 50 with a $60,000.00 base salary 24 x $30,000.00 = $30,000.00 Terms & Conditions
Sample 1

Related to Bridging Incentive

  • Performance Bonus If Employee's employment is terminated by Employee with cause, or by Bank without cause, Employee shall be paid, in addition to the amounts payable under Sections 3.5 and 3.6 of the Agreement: (i) all non-forfeitable deferred compensation, if any; and (ii) unpaid performance bonus payments, if any, payable under Section 4.2 of the Agreement, which shall be declared earned and payable based upon performance up to, and shall be pro-rated as of, the date of termination. Employee shall not be entitled to such unpaid performance bonus payments if Employee's employment is terminated by Bank with cause, or by Employee without cause.

  • Performance Incentive 4.9.1 If the Seller delivers Coal to the Purchaser in excess of ninety percent (90%) of the ACQ in a particular Year, the Purchaser shall pay the Seller an incentive (“Performance Incentive”/ “PI”), to be determined as follows: PI = P x Additional Deliveries x Multiplier Where: PI = The Performance Incentive payable by the Purchaser to the Seller P = The Base Price of Highest Grade, as shown in Schedule II Additional Deliveries = Quantity [in tonnes] of Coal delivered by the Seller in the relevant Year in excess of 90% of the ACQ. Multiplier shall be 0.15 for Additional Deliveries between 90%-95% of ACQ and 0.30 for Additional Deliveries in excess of 95% of ACQ.

  • Bilingual Bonus A seven percent (7%) bilingual bonus will be paid to those employees who in the performance of their duties are required by the Employer to use the second official language on a regular and consistent basis.

  • Education Incentive Pay An employee shall be entitled to receive educational incentive pay as follows:

  • Annual Bonus In addition to Annual Base Salary, Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to Executive’s highest annual bonus for the last three full fiscal years prior to the Effective Date (annualized in the event that Executive was not employed by the Company for the whole of such fiscal year). Each such Annual Bonus shall be paid no later than the end of the third month of the fiscal year next following the fiscal year for which the Annual Bonus is awarded, unless Executive shall elect to defer the receipt of such Annual Bonus.

  • Performance Incentives Provided that sufficient funds are available from athletics revenue or gifts for the unrestricted use of the Department of Athletics, Athletics Director shall be entitled to receive additional non-salary compensation from the University in the form of the following stated bonuses for increased responsibilities, provided that all varsity sports are in compliance with all Governing Athletics Rules and University Rules, and there are no pending or active NCAA or __________ Conference investigations or major violations of which Athletics Director knew or should have known. [Insert Incentives – See examples below

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 55 to 59 100% 60 80% 61 60% 62 40% 63 20% 64 0%

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then

  • CHRISTMAS BONUS 16.01 All part-time employees on the payroll of the Company as of December 1st in any year who have completed six (6) months' continuous service with the Company shall be entitled to a Christmas Bonus of fifteen ($l5.00) dollars payable on or before December 15th.

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