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.
Appears in 14 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
