Longevity Bonus Payment Sample Clauses
The Longevity Bonus Payment clause establishes a financial incentive for individuals or entities that maintain a relationship or fulfill obligations over a specified period. Typically, this clause outlines the conditions under which a bonus is paid, such as continuous employment for a set number of years or the completion of a long-term contract. Its core function is to encourage retention and reward long-term commitment, thereby reducing turnover and promoting stability within the organization or agreement.
Longevity Bonus Payment. At the time of retirement, bargaining-unit members shall be entitled to a longevity bonus payment in the amount of l.5 day's pay for each year of service, including all paid leaves.