Payment for Unused Leave Days. It is agreed that at the end of the current fiscal year each employee who has less than six years of seniority shall receive $40 per day for each unused leave day (sick and personal business) granted during that fiscal year. Each employee who has six or more years of seniority shall receive $60 per day for each unused leave day. Payment shall be made in a lump sum on the second paycheck in July. Payment for unused leave days will be prorated on the basis of the number of hours worked per day based on $40 or $60 per day. Example: for an employee with 6 years seniority - $60 divided by 8 hrs. = $7.50 per hour x daily hours worked = amount of money per unused leave day. (1) It is agreed that each employee shall have the option of banking such unused leave days, in lieu of payment, which may accumulate to a maximum of ninety (90) days. Any employee, however, who has banked more than ninety (90) days prior to December 1, 2000, shall have the number of days thus banked as his/her maximum. This maximum number will be reduced when usage decreases the maximum number of banked days below the December 1, 2000 maximum. However, under no circumstances will the maximum permitted accumulation be reduced to less than the ninety (90) day limitation established under this provision. (2) Subject to (1) above, if an employee does not notify his/her supervisor, in writing, by June 1st of this intention to exercise such option s/he shall be considered as having requested banking any unused leave days.
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
