Leave Incentive Pay Sample Clauses
The Leave Incentive Pay clause establishes the terms under which employees are compensated for unused leave time, typically at the end of a specified period or upon separation from employment. This clause details eligibility criteria, calculation methods for the payout, and any caps or exclusions that may apply; for example, it may specify that only accrued but unused vacation days are eligible for payment, and not sick leave. Its core function is to provide clear guidelines for both employers and employees regarding compensation for unused leave, thereby preventing disputes and ensuring fair treatment.
Leave Incentive Pay. A teacher on contract for the full school year who uses not more than three (3) days of sick and personal leave during the teacher’s contracted school year shall be compensated after the conclusion of the school year as follows:
1. Use of zero (0) sick and personal leave days - $500 to be deposited into the teacher’s 401(a) Matching Annuity Account. This amount shall not be considered as part of the corporation’s matching contribution.
2. Use of no more than three (3) sick and personal leave days - $300 to be deposited into the teacher’s 401(a) Matching Annuity Account. This amount shall not be considered as part of the corporation’s matching contribution. Incentive payments shall be deposited by August 1.
Leave Incentive Pay. A teacher on contract for the full school year who uses not more than three