Common use of Economic Loss Clause in Contracts

Economic Loss. An Employee covered by this Agreement who has at any time since May 1, 1961, received a wage rate in his present classification in excess of the rate for that classification, set forth in Article 1, paragraph 1 of this Agreement, shall suffer no reduction in his rate per hour through the signing of this Agreement, so long as he continues to be employed by the same Employer, and works in the same classification. In no event, however, will any Employee be entitled to weekly overtime pay for hours worked unless such hours exceed forty-eight (48) hours in any work week. No Employee shall receive less than the hourly rates provided in Article 1 of this Agreement.

Economic Loss. An Employee covered by this Agreement who has at any time since May 1, 19611951, received a wage rate in his present classification in excess of the rate for that classification, set forth in Article 1, paragraph 1 of this Agreement, shall suffer no reduction in his rate per hour through the signing of this Agreement, so long as he continues to be employed by the same Employer, and works in the same classification. In no event, however, will any Employee be entitled to weekly overtime pay for hours worked unless such hours exceed forty-eight (48) hours in any work week. No Employee shall receive less than the hourly rates provided in Article 1 of this Agreement.