Competitive Pay Adjustment Clause Samples
A Competitive Pay Adjustment clause establishes the employer's commitment to periodically review and adjust employee compensation to remain competitive within the relevant industry or market. Typically, this involves benchmarking salaries against industry standards or conducting market surveys to ensure pay rates are aligned with those offered by similar organizations. The core function of this clause is to help attract and retain talent by ensuring that employee compensation remains fair and competitive, thereby reducing turnover and supporting workforce satisfaction.
Competitive Pay Adjustment. In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2024-2025, effective July 1, 2024, each eligible employee’s June 30, 2024, base rate of pay shall be increased by the greater of 3.0 percent or $1,000 to provide a competitive pay adjustment for all eligible unit members. This pay adjustment shall be made before any other adjustments.
Competitive Pay Adjustment. Effective October 1, 2006, each eligible in-unit employee (23.3.A) shall receive the legislatively mandated competitive pay adjustment of 3% across-the-board salary increase to the employee’s September 30, 2006 base pay. This amount shall be drawn from the 4.5% overall raise pool defined in 23.3 above.
Competitive Pay Adjustment. (1) For Fiscal Year 2015-2016. Eligible graduate assistants will receive a three percent (3%) increase in pay effective within two (2) pay periods from the date of ratification of this agreement.
(2) Graduate assistants must be employed by the University in active payroll status on the effective date of the pay increase in order to be eligible.
Competitive Pay Adjustment. Florida Elections Commission