Common use of Incentive Alternatives and Method of Incentive Payment Clause in Contracts

Incentive Alternatives and Method of Incentive Payment. a) Lump Sum Payments The retiring allowance shall be paid in annual instalments, to a maximum of 3 instalments of one-third of annual salary, to be paid on agreed-upon dates acceptable to the employee and shall be based on scale salary* without allowances at the date of retirement (i.e. last day worked) in the following amounts: Full Years to Age 65 Payout 1 20% of annual salary

Incentive Alternatives and Method of Incentive Payment. a) Lump Sum Payments The retiring allowance shall be paid in annual instalments, to a maximum of 3 instalments of one-third of annual salary, to be paid on agreed-upon dates acceptable to the employee and shall be based on scale salary* without allowances at the date of retirement (i.e. last day worked) in the following amounts: Full Years to Age 65 Payout 1 20% of or annual salary 2 40% or annual salary

Incentive Alternatives and Method of Incentive Payment. a) Lump Sum Payments The retiring allowance shall be paid in annual instalments, to a maximum of 3 instalments of one-third of annual salary, to be paid on agreed-upon dates acceptable to the employee and shall be based on scale salary* without allowances at the date of retirement (i.e. last day worked) in the following amounts: Full Years to Age 65 Retirement Payout 1 20% of annual salary 2 40% of annual salary