Compensation for estimated loss of variable wage components Sample Clauses

Compensation for estimated loss of variable wage components. In the case of leave which entitles the employee to retained benefits of employment, the employee receives compensation for the estimated loss of variable income. The amount of compensation is determined by the basis for compensation and the duration of the leave. Firstly, the average income for the immediately preceding three years is calculated. The average income is then adjusted to take into account the ratio between the guaranteed income for the year and the guaranteed income for the immediately preceding year. No adjustment shall be made if the ratio is less than 1.0. The adjusted average income shall amount to a maximum of 24 times the base amount that applied at the beginning of the financial year. 8 The basis for compensation consists of the adjusted average income calculated in accordance with the preceding paragraph, after the same has been reduced by the year’s fixed income components and then raised by 20 per cent to compensate for the necessary preparation and completion work. Time entitling to compensation 8.00 a.m.-5.00 p.m. The actual time of the meeting, and travel time between 8.00 a.m. and 5.00 p.m. in connection with the meeting, are deemed to be times entitling the employee to compensation. Any period entitling to compensation that does not amount to two hours does not entitle the employee to compensation. Any period entitling to compensation that amounts to two but not to four hours entitles the employee to half the daily compensation, which corresponds to 1/496th of the basis for compensation. 8 Any period entitling to compensation that amounts to four hours or more entitles the employee to a full daily compensation, which corresponds to 1/248th of the basis for compensation. Appendix 2 Minutes of negotiations October 17, 2011 Guidelines for salary discussions Guidelines for “salary discussions” in connection with salary reviews These mutual guidelines are an example of how the ”salary discussion model” should be applied. Preparation Company management • Salary policy • Economic realities • Criteria for salary determinations • Need to train employees and managers in charge of salary review • Review of aids and support • Power of the managers During joint salary negotiations (chapter IV, § 1) the following shall be deter- mined: • The salary policy of the company • The conditions for increasing salaries • Criteria and prerequisites for salary discussions • How to follow up the salary discussions • How the company’s salary policy and ...
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Related to Compensation for estimated loss of variable wage components

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  • Compensation for Holidays Falling Within Vacation Schedule If a paid holiday falls on or is observed during an employee's vacation period, he/she shall be allowed an additional vacation day with pay at a time mutually agreed upon by the Employer and employee.

  • Compensation for Unused Sick Leave 1. Employees who enter County service after July 1, 1979, shall not be eligible for compensation for any of their unused sick leave credits.

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  • Compensation for Overtime 9.5.1 All overtime hours, except those overtime hours exceeding twelve (12) hours in one day, shall be compensated at a rate of pay equal to time and one-half the regular rate of pay of the employee. Those overtime hours exceeding twelve (12) in one day shall be compensated at a rate of pay equal to two times the regular pay of the employee.

  • Shift Differential Compensation Any employee in the bargaining unit whose assigned work shift commences (for unit-1) prior to 5:30 a.m. or whose work shift ends after 5:30 p.m., or (for unit-2 members) commences after 2:00 p.m. shall be paid a shift differential premium of five (5%) percent above the regular rate of pay for all hours worked.

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  • COMPENSATION ANALYSIS After the expiration of the second (2nd) Renewal Term of this Agreement, if any, a Compensation Analysis may be performed. At such time, based on the reported Total Gross Revenue, performance of the Concession, and/or Department’s existing rates for similarly- performing operations, Department may choose to increase the Concession Payment for the following Renewal Term(s), if any.

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