Common use of Market Adjustment Clause in Contracts

Market Adjustment. 28.7.1 In the event the University determines, at its discretion, that an anomalous market condition exists such that the University has experienced difficulty in recruitment and retaining employees with the skills required by a specific job class, it may provide a temporary market adjustment to the incumbents in that job class. 28.7.2 The value of the Market Adjustment will be based on relevant labour market information and will be paid as a flat amount, non-base stipend. The stipend is considered a supplementary payment and will not be included as part of the Member's salary. The Market Adjustment stipend amount will be increased with the regular Salary Adjustment defined in Article 28.2.1. 28.7.3 The University will provide the Association with documentation supporting the Market Adjustment, the Market Adjustment stipend amount, and the job class(es) to which the adjustment will apply prior to implementation. 28.7.4 The need for the Market Adjustment stipend will be reviewed annually. In the event that the market condition changes and the adjustment is no longer required to recruit and retain employees with the required skills for that job class, the University may discontinue the payment of the Market Adjustment stipend with three (3) months notice to the Association and to any Members receiving the adjustment.

Market Adjustment. 28.7.1 28.8.1 In the event the University determines, at its discretion, that an anomalous market condition exists such that the University has experienced difficulty in recruitment and retaining employees with the skills required by a specific job class, it may provide a temporary market adjustment to the incumbents in that job class. 28.7.2 . The value of the Market Adjustment will be based on relevant labour market information and will be paid as a flat amount, non-base stipend. The stipend is considered a supplementary payment and will not be included as part of the Member's salary. The Market Adjustment stipend amount will be increased with the regular Salary Adjustment defined in Article 28.2.1. 28.7.3 . The University will provide the Association Union with documentation supporting the Market Adjustment, the Market Adjustment stipend amount, and the job class(es) to which the adjustment will apply prior to implementation. 28.7.4 . The need for the Market Adjustment stipend will be reviewed annually. In the event that the market condition changes and the adjustment is no longer required to recruit and retain employees with the required skills for that job class, the University may discontinue the payment of the Market Adjustment stipend with three (3) months notice to the Association Union and to any Members receiving the adjustment.