Long Service Bonus Sample Clauses
The Long Service Bonus clause establishes a reward system for employees who have remained with an organization for an extended period. Typically, this clause outlines the eligibility criteria, such as a minimum number of years of continuous service, and specifies the form and amount of the bonus, which may be a lump sum payment or additional benefits. Its core practical function is to incentivize employee retention and recognize loyalty, thereby reducing turnover and rewarding long-term commitment.
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Long Service Bonus. 1. The employer may grant an employee a one-off bonus for extraordinary years of service.
2. When an employee has been employed by the employer for 25, 40 or 50 years, the employer will grant him a bonus of 50%, 100% and 100% of his monthly income respectively. The number of pensionable years of service will determine when such a service anniversary has been reached. If the employee has commuted any pensionable years of service or has not accrued these or only partially accrued these during a particular period on account of his age, full-time equivalent or duration of his employment, the years will, however, be taken into account fully when calculating when a service anniversary has been reached. The following years will not be taken into account when calculating when a service anniversary has been reached: • pension years purchased by the employee; • pension years accrued additionally because the employee’s full-time equivalent is greater than 1. Years spent in the tropics which the pension fund counts as double pension years will only count once when calculating when a service anniversary has been reached.
Long Service Bonus.
21.01 An employee who has completed five years of continuous service shall be entitled to a yearly long service bonus equivalent to two percent of annual base salary.
21.02 The Long Service Bonus shall become payable each complete year thereafter on the employee’s anniversary date of continuous service.
Long Service Bonus. The Employer agrees to pay a Long Service Bonus of six hundred dollars ($600) (prorated for part-time employees) as a salary bonus for employees who have attained ten (10) years or more of service prior to year-end December 31st. Effective April 1, 2013, the Employer agrees to pay a Long Service Bonus of six hundred and twenty-five dollars ($625) (prorated for permanent part-time employees) as a salary bonus for workers who have attained ten (10) years or more of service prior to year- end December 31st. Effective April 1, 2014, the Employer agrees to pay a Long Service Bonus of six hundred and fifty dollars ($650) (prorated for permanent part-time employees) as a salary bonus for workers who have attained ten (10) years or more of service prior to year-end December 31st. Such bonus shall be payable in the last pay period prior to Christmas in any year by separate direct deposit. It is understood that all permanent full-time and permanent part-time employees who attained the required amount of years of service prior to year end December 31st who retire or voluntarily terminate their employment with the Employer during the year will receive on a one time basis only, the Long Service Bonus in the amount as outlined above, on a prorated basis, minus statutory deductions. For permanent full-time employees, the bonus will be prorated by the number of completed months of service during the calendar year; for permanent part-time employees, the bonus will be prorated by the number of completed months of service during the calendar year as well as the proration of hours worked during the week.
Long Service Bonus. Effective 2016 all employees who have attained 20 (twenty) years of service with the Employer on or before December 1 each year will receive a Long Service Premium on the last pay period before Christmas. The Long Service Premium for full time employees will be $250.00 (two hundred and fifty dollars) and for part time employees pro-rated based on their EFT, worked over the previous 12 (twelve) months.
Long Service Bonus. (a) Effective January 1, 1991, an employee shall receive a Long Service Bonus of $1,000.00 upon completion of five (5) years of continuous employment and on each subsequent fifth anniversary date thereafter, except that employees who received a Long Service Bonus in 1978 shall begin to accumulate their next five years as of their anniversary date in 1978.
(b) When an employee who has completed at least five (5) years of service terminates, the above mentioned bonus will be prorated in the amount of $16.66 per month for each completed month of employment, the months to be accumulated from the last payment of the Long Service Bonus.
Long Service Bonus. Employees with a seniority date before July 1, 1999 shall have Long Service Bonuses added to the rates otherwise determined in accordance with clauses 27.01 and 27.07, as follows: After 8 years service but less than 13 years - 3% After 13 years service but less than 18 years - 5% After 18 years service but less than 23 years - 7% After 23 years service - 9%
Long Service Bonus. The following long service bonus will be paid on completion of the indicated years of aggregate teaching service in the district. 3 Years 6 Years 10 Years
Long Service Bonus. 51.01 An employee who has completed 10,000 hours worked or seven (7) years of service, whichever occurs first, shall be entitled to a yearly long service bonus equivalent to two percent (2%) of the employee’s annual base earnings in the preceding year.
51.02 An employee who has completed 18,000 hours worked or ten (10) years of service, whichever occurs first, shall be entitled to a yearly long service bonus equivalent to four percent (4%) of the employee’s annual base earnings in the preceding year.
51.03 The long service bonus shall become payable on the payday immediately following the employee’s anniversary date and each completed year thereafter. An employee may elect to have all or part of the long service bonus paid directly into their RRSP in accordance with CRA regulations.
Long Service Bonus. 20.01 A long service bonus, payable by December 15 of each year, shall be paid to permanent employees in the following manner: For 2002/03 Effective 2004 After 5, 6, 7, 8 or 9 years of continuous service - $ 60.00 $ 70.00 After 10, 11, 12, 13 or 14 years of continuous service - $120.00 $130.00 After 15, 16, 17, 18 or 19 years of continuous service - $180.00 $190.00 After 20, 21, 22, 23 or 24 years of continuous service - $240.00 $250.00 After 25 or more years of continuous service - $300.00 $310.00
20.02 On leaving the City the long service bonus shall be pro-rated, in accordance with service dates, to reflect the number of months worked.
Long Service Bonus. For the period of this Agreement, the Company will continue payment of a Long Service Bonus which it voluntarily granted many years ago. The bonus is payable to employees who have completed twenty-five (25) years of service. This bonus shall hereafter be determined by adding the employee's total earnings during his last five (5) full calendar years of employment (after excluding calendar years in which the employee suffered loss of earnings due to illness, layoff, etc.) immediately prior to completion of the qualifying number of years, and dividing the total by five (5) and the resulting figure by four (4). Such bonus shall not exceed Should an otherwise eligible employee resign from the Company, retire, be discharged, die, or for any reason terminate his employment with the Company during the term of this Agreement with at least twenty (20) years of Company service, but prior to receipt by him of his Long Service Bonus, he shall be paid a portion of such bonus as follows: