Common use of Computation of Credit Clause in Contracts

Computation of Credit. The Company agrees to pay 2% of all supplemental earnings (overtime pay and shift differential) for each week of vacation credits earned at the end of the vacation year on the employee's vacation anniversary date. This pay is to be reflected in a pay period the month following the employee's vacation anniversary date. The Company agrees to pay earned vacation credit computed at the rate of 2% of base earnings for each week of vacation credits or forty (40) hours at the current rate whichever is greater. The 2% of base earnings for each week of vacation credits is to be calculated as of the employee's vacation anniversary date and this will determine the employee's basic vacation pay. However, should an employee receive an increase in pay between this time and the time vacation is actually taken a new calculation will be computed to determine if his/her then current rate of pay is greater than that calculated on the employee's vacation anniversary date and if so, he/she is to receive the vacation pay at the new rate.

Computation of Credit. The Company agrees to pay 2% of all supplemental earnings (overtime pay and shift differential) for each week of vacation credits earned at the end of the vacation year on the employee's ’s vacation anniversary date. This pay is to be reflected in a pay period the month following the employee's ’s vacation anniversary date. The Company agrees to pay earned vacation credit computed at the rate of 2% of base earnings for each week of vacation credits or forty (40) hours at the current rate whichever is greater. The 2% of base earnings for each week of vacation credits is to be calculated as of the employee's ’s vacation anniversary date and this will determine the employee's ’s basic vacation pay. However, should an employee receive an increase in pay between this time and the time vacation is actually taken a new calculation will be computed to determine if his/her then current rate of pay is greater than that calculated on the employee's ’s vacation anniversary date and if so, he/she is to receive the vacation pay at the new rate.

Computation of Credit. The Company agrees to pay 2% of all supplemental earnings (overtime pay and shift differential) for each week of vacation credits earned at the end of the vacation year on the employee's vacation anniversary date. This pay is to be reflected in a pay period the month following the employee's vacation anniversary date. The Company agrees to pay earned vacation credit computed at the rate of 2% of base earnings for each week of vacation credits or forty (40) hours at the current rate whichever is greater. The 2% of base earnings for each week of vacation credits is to be calculated as of the employee's vacation anniversary date and this will determine the employee's basic vacation pay. However, should an employee receive an increase in pay between this time and the time vacation is actually taken a new calculation will be computed to determine if his/her then current rate of pay is greater than that calculated on the employee's vacation anniversary date and if so, he/she is to receive the vacation pay at the new rate.