Common use of Market Adjustments Clause in Contracts

Market Adjustments. Where a position has been identified by the Corporation as being behind market and/or such position has been difficult to recruit for, or to retain employees in, the Corporation may temporarily increase the rate of pay for the position by up to two pay grades (or its percentage equivalent). These temporary adjustments do not alter the rate of pay for the positions in Schedule “A”. Such temporary increases will be reviewed by the Corporation annually. Upon such annual review, if a position is found to be above market then the rate for the position will revert to the pay grade or hourly rate in effect prior to the time the temporary increase was applied. Those employees found to be above the range will remain at their current rate until such time as normal increments or general increases match or exceed the employer’s current rate, at which time employees shall again become eligible for increments and general increases.

Market Adjustments. Effective 2009 May 05: Where a position has been identified by the Corporation as being behind market and/or such position has been difficult to recruit for, or to retain employees in, the Corporation may temporarily increase the rate of pay for the position by up to two pay grades (or its percentage equivalent). These temporary adjustments do not alter the rate of pay for the positions in Schedule “A”. Such temporary increases will be reviewed by the Corporation annually. Upon such annual review, if a position is found to be above market then the rate for the position will revert to the pay grade or hourly rate in effect prior to the time the temporary increase was applied. Those employees found to be above the range will remain at their current rate until such time as normal increments or general increases match or exceed the employer’s current rate, at which time employees shall again become eligible for increments and general increases.