CALCULATION OF VACATION PAY 9.03.1 General Rule Sample Clauses

CALCULATION OF VACATION PAY 9.03.1 General Rule. As a general rule, payment for Annual Vacation will be based upon one of two (2) calculations, whichever yields the greater amount: 1) the straight-time wage rate of the Employee’s regular job at the time the vacation is taken is multiplied by the number of hours in the period of vacation; or 2) the Employee’s gross earnings for the previous year are multiplied by the percentage rate applicable to the Employee’s vacation entitlement, e.g. 6%, 8%, 10%, 12% or 14%, etc. The percentage rate applicable to individual day(s) of vacation entitlement is .4% per day. If necessary, adjustment of vacation pay will be made by the year end to ensure that each Employee received the greater amount of vacation pay from application of either the going rate 1) or percentage 2) calculations above. This adjustment (A/V differential) will be made to all affected Employees in one (1) payment. Annual Vacation differential pay will be paid on the pay day immediately prior to Christmas. Employees upon request of Annual Vacation pay advance, shall receive the equivalent of their net weekly pay times the number of weeks’ vacation being taken at that time. Requests for advances will be made on the prescribed form and the form must reach the Pay Department not less than ten (10) working days before the advance is required. Unearned vacation taken will be recovered from the Employee on termination. April 1, 2014 to March 31, 2019 21 SS:cs-cope343 Collective Agreement Between BC Transit And Unifor Local 333-BC
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