Common use of Market Adjustment Clause in Contracts

Market Adjustment. The following classifications will receive an hourly market adjustment as outlined below: Medical Radiation Technologist-Mammography $5.022 per hour Pharmacist $1.066 per hour Licensed Practical Nurse $5.723 per hour Market Adjustment Process 1. Market adjusted wage rates shall be payable to all eligible Employees in the classifications as listed, subject to paragraphs two (2), three (3) and four (4) below. 2. It is understood that the market adjusted wage rate is separate from the Collective Agreement Pay Equity Pay Band Schedule “A” and is not used in the calculation of the general wage percentage increases for the Pay Equity Pay Band rates. General wage percentage increases shall be calculated on the “base wage” only, and the market adjusted portion of the “total wage” shall be added to the newly revised “base wage”. Where a classification is in receipt of a Market Supplement in accordance with the Market Supplement Letter of Understanding, the Market Adjustment will be added after the Market Supplement. 3. The Hourly Market Adjustment Rate shall be added to the maximum (Step 5) hourly rate of the “base wage” Pay Equity Pay Band Schedule “A”. The remaining steps shall be calculated by maintaining the same percentage relationship as exists between the steps in the “base wage” Pay Equity Pay Band Schedule “A”. Where a classification is in receipt of a Market Supplement in accordance with the Market Supplement Letter of Understanding, the Market Adjustment will be added after the Market Supplement. 4. Market adjusted earnings shall be considered pensionable earnings, shall be subject to statutory deductions, shall be included in the calculation of Employee benefits where appropriate and shall be subject to Union dues deductions as per the formula determined by the Union(s).

Market Adjustment. The Effective the date of signing of the Collective Agreement, the following classifications will receive an hourly market adjustment as outlined below: Medical Radiation Technologist-Mammography $5.022 per hour Pharmacist $1.066 per hour Licensed Practical Nurse $5.723 per hour In addition to the market adjustments contained above, a one-time lump sum pro rata payment will be made to the following classifications: Medical Radiation Technologist-Mammography - $20,000 Licensed Practical Nurses - $15,000 Market Adjustment Process 1. Market adjusted wage rates shall be payable to all eligible Employees in the classifications as listed, subject to paragraphs two (2), three (3) and four (4) below. 2. It is understood that the market adjusted wage rate is separate from the Collective Agreement Pay Equity Pay Band Schedule “A” and is not used in the calculation of the general wage percentage increases for the Pay Equity Pay Band rates. General wage percentage increases shall be calculated on the “base wage” only, and the market adjusted portion of the “total wage” shall be added to the newly revised “base wage”. Where a classification is in receipt of a Market Supplement in accordance with the Market Supplement Letter of Understanding, the Market Adjustment will be added after the Market Supplement. 3. The Hourly Market Adjustment Rate shall be added to the maximum (Step 5) hourly rate of the “base wage” Pay Equity Pay Band Schedule “A”. The remaining steps shall be calculated by maintaining the same percentage relationship as exists between the steps in the “base wage” Pay Equity Pay Band Schedule “A”. Where a classification is in receipt of a Market Supplement in accordance with the Market Supplement Letter of Understanding, the Market Adjustment will be added after the Market Supplement. 4. Market adjusted earnings shall be considered pensionable earnings, shall be subject to statutory deductions, shall be included in the calculation of Employee benefits where appropriate and shall be subject to Union dues deductions as per the formula determined by the Union(s).