Common use of Long Service Bonus Clause in Contracts

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. (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 21.01 An employee who has completed at least five (5) years of continuous service terminates, the above mentioned shall be entitled to a yearly long service bonus will be prorated in the amount equivalent to two percent of $16.66 per month for each completed month of employment, the months to be accumulated from the last payment of the annual base salary. 21.02 The Long Service BonusBonus shall become payable each complete year thereafter on the employee’s anniversary date of continuous service.

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 an employee who received a Long Service Bonus in 1978 shall begin to accumulate their his next five years as of their his 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. (a) Effective January 1, 1991, an 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 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.