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Common use of Payment Formula and Leave of Absence Clause in Contracts

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (i) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer to finance the period of leave. (ii) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and Canada Pension Plan at that time. (iii) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month. (iv) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer. (v) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years. (vi) The employee may arrange for any length of deferral period in accordance with the provisions set out under (f) (v).

Appears in 6 contracts

Samples: Employment Agreement, Civil Service Master Agreement, Collective Agreement

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (i) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their his/her salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer to finance the period of leave. (ii) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and taxes, Canada Pension Plan and Employment Insurance at that time. (iii) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s 's account on the first day of the following calendar month. (iv) A yearly statement of the amount standing in the employee’s 's credit will be sent to the employee by the Employer. (v) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years. (vi) The employee may arrange for any length of deferral period in accordance with the provisions set out under (f) (vf)(v).

Appears in 5 contracts

Samples: Collective Agreement, Collective Agreement, Collective Agreement

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (i) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their his/her salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer to finance the period of leave. (ii) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and taxes, Canada Pension Plan and Employment Insurance at that time. (iii) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month. (iv) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer. (v) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years. (vi) The employee may arrange for any length of deferral period in accordance with the provisions set out under (f) (v).

Appears in 3 contracts

Samples: Civil Service Master Agreement, Civil Service Master Agreement, Civil Service Master Agreement

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (i) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their his/her salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer to finance the period of leave. (ii) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and Canada Pension Plan at that time. (iii) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month. (iv) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer. (v) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years. (vi) The employee may arrange for any length of deferral period in accordance with the provisions set out under (f) (v).

Appears in 3 contracts

Samples: Master Agreement, Employment Agreement, Master Agreement

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (ia) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their her salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer to finance the period of leave. (iib) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and taxes, Canada Pension Plan and Employment Insurance at that time. (iiic) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month. (ivd) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer. (ve) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years. (vif) The employee may arrange for any length of deferral period in accordance with the provisions set out under (fNumber 6(e) (v)above.

Appears in 2 contracts

Samples: Collective Agreement, Collective Agreement

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (i) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their his/her salary. The remaining percentage of salary will be deferred, and this his accumulated amount amount, plus the interest earned earned, shall be retained for the employee by the Employer to finance the period of leave. (ii) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and Canada Pension Plan at that time. (iii) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month. (iv) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer. (v) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-33 1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years. (vi) The employee may arrange for any length of deferral period in accordance with the provisions set out under paragraph (ff)(v) (v)above.

Appears in 1 contract

Samples: Collective Agreement

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (ia) During the deferral period of the Plan, preceding the period of the leave, the employee will be paid a reduced percentage of their his salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer employer to finance the period of leave. (iib) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and tax, Canada Pension Plan and Employment Insurance at that time. (iiic) The calculation of interest under the terms of this Plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month. (ivd) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer. (ve) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33-33 1/3% of salary. The maximum length of any contract under the Plan will be seven (7) years. (vif) The employee may arrange for any length of deferral period in accordance with the provisions set out under 6 (f) (ve).

Appears in 1 contract

Samples: Collective Agreement

Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows: (ia) During the deferral period of the Planplan, preceding the period of the leave, the employee will be paid a reduced percentage of their salary. The remaining percentage of salary will be deferred, and this accumulated amount plus the interest earned shall be retained for the employee by the Employer to finance the period of leave. (iib) The deferred amounts, when received, are considered to be salary or wages and as such are subject to withholding for income taxes and tax, Canada Pension Plan and Employment Insurance at that time. (iiic) The calculation of interest under the terms of this Plan plan shall be done monthly (not in advance). The interest paid shall be calculated by averaging the interest rates in effect on the last day of each calendar month for: a true savings account, a one (1) year term deposit, a three (3) year term deposit and a five (5) year term deposit. The rates for each of the accounts identified shall be those quoted by the financial institution maintaining the deferred account. Interest shall be based upon the average daily balance of the account and credited to the employee’s account on the first day of the following calendar month. (ivd) A yearly statement of the amount standing in the employee’s credit will be sent to the employee by the Employer. (ve) The maximum length of the deferral period will be six (6) years and the maximum deferred amount will be 33Thirty-three and one third percent (33 1/3% %) of salary. The maximum length of any contract under the Plan will be seven (7) years. (vif) The employee may arrange for any length of deferral period in accordance with the provisions set out under (f) (v6 e).

Appears in 1 contract

Samples: Collective Agreement