Common use of MONETARY INCREASES Clause in Contracts

MONETARY INCREASES. The hourly monetary package increases for the first three (3) years of this five (5) year Project Labor Agreement are identified in the Wage and Benefits Supplement to this PLA. The remaining two (2) years of the monetary package will be negotiated by the Union and the Employer identifying future monetary increases by year. The Union shall have the option of distributing these increases or any portion of these increases to the hourly wage rate or legally established Fringe Benefit / Contribution Funds. It shall be understood, however, that the Union must notify the Employer at least forty-five (45) days in advance of the proposed effective date of the allocation of such monies. The wage rates effective October 1, 2020, shall remain in effect until the 1st day of October 2023, and shall continue from year to year thereafter unless MSTS or the Union give written notice to the other of a desire to change, amend, or modify such wage rates at least ninety (90) days prior to October 1, 2023. In the event notice of desire to change, amend, or modify the wage rates of this Agreement is given in accordance with the above, and agreement on a new wage rate is not consummated on or before the effective date, Section 1 and Section 2 of the “No Strikes Or Lockouts” Article will be suspended solely as to such wage dispute, and until such wage dispute is resolved. All other provisions of this Agreement shall continue in full force and effect.

MONETARY INCREASES. The hourly monetary package increases for the first three (3) years of this five (5) year Project Labor Agreement are identified in the Wage and Benefits Supplement to this PLA. The remaining two (2) years of the monetary package will be negotiated by the Union and the Employer identifying indentifying future monetary increases by year. The Union shall have the option of distributing these increases or any portion of these increases to the hourly wage rate or legally established Fringe Benefit / Benefit/Contribution Funds. It shall be understood, however, that the Union must notify the Employer at least forty-five (45) days in advance of the proposed effective date of the allocation of such monies. The wage rates effective October 1, 2020, shall remain in effect until the 1st day of October 2023, and shall continue from year to year thereafter unless MSTS or the Union give written notice to the other of a desire to change, amend, amend or modify such wage rates at least ninety (90) days prior to October 1, 2023. In the event notice of desire to change, amend, amend or modify the wage rates of this Agreement is given in accordance with the above, and agreement on a new wage rate is not consummated on or before the effective date, Section 1 and Section 2 of the “No Strikes Or Lockouts” Article Article, will be suspended solely as to such wage dispute, and until such wage dispute is resolved. All other provisions of this Agreement shall continue in full force and effect.