Common use of December bonus Clause in Contracts

December bonus. The December bonus for each calendar year, based on full-time employment, is to be as follows: In 2019 ISK 92,000 In 2020 ISK 94,000 In 2021 ISK 96,000 In 2022 ISK 98,000 The bonus is to be paid no later than 15 December of each year, based on the employee’s job proportion and length of employment, to all employees who have been employed by an employer for 12 weeks over the past 12 months or who are employed during the first week of December. A full year’s employment, for this purpose, is 45 worked weeks or more, excluding holiday time (annual vacation), or 1,631.25 hours. From 1 January 2020, the above figure will be based on a 45-minute shortening of the working week, or 1,597.5 hours. An agreement may be reached with the employee to the effect that the settlement period runs from 1 December to 30 November of each year instead of the calendar year. The December bonus includes holiday (vacation) pay, and it is a fixed amount that is not subject to changes according to other provisions. Accrued December bonus shall be paid upon termination of employment in the event that such termination occurs prior to the due date for the bonus.

December bonus. The December bonus for each calendar year, based on the full-time employment, is to be as followsjob of an employee is: In Year 2019 ISK 92,000 In Year 2020 ISK 94,000 In Year 2021 ISK 96,000 In Year 2022 ISK 98,000 The bonus is to be paid no later than 15 December of each year, based on the employee’s job proportion and length of employmentpercentage, to all employees who have been employed by in temporary or indeterminate employment with an employer for 12 weeks over during the past last 12 months or who are employed during the first week of December. A full year’s employmentfull-time job in this context is work for 45 weeks besides annual holiday. It is permitted, for this purpose, is 45 worked weeks or more, excluding holiday time (annual vacation), or 1,631.25 hours. From 1 January 2020, the above figure will be based on a 45-minute shortening by way of the working week, or 1,597.5 hours. An agreement may be reached with the employee employee, to the effect that the use a settlement period runs from 1 December to 30 November of each year instead of the calendar year. The December bonus includes holiday (vacation) pay, and it is a fixed amount that is and does not subject to changes change according to other provisions. Accrued Any earned December bonus shall be paid upon termination settled at the end of employment in if employment ends before the event that such termination occurs prior to the due settlement date for of the bonus.