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

Payment Formula and Leave of Absence. i) In the first four (4) years, an employee will be paid eighty percent (80%) of her/his regular salary. The remaining twenty percent (20%) of salary will be deposited in a bank account. The total amount of that bank account, excluding interest, shall be paid to the employee during the year of leave. Payment will be made through the payroll of the Employer, who will be reimbursed by the bank on a bi-weekly basis.

Payment Formula and Leave of Absence. i) In the first four (4) years, an employee will be paid eighty percent (80%) % of her/his regular salary. The remaining twenty percent (20%) % of salary will be deposited in a bank account. The total amount of that bank account, excluding interest, shall be paid to the employee during the year of leave. Payment will be made through the payroll of the Employer, who will be reimbursed by the bank on a bi-weekly basis.

Payment Formula and Leave of Absence. i) 1. In the first four (4four(4) years, an employee will be paid eighty percent (80%) of her/his regular salarysalary and applicable allowances. The remaining twenty percent (20%) of salary and allowances will be deposited in a bank accountwhere a savings interest rate may be obtained. The total amount of that bank account, excluding interest, account shall be paid to the employee during the year of leave. Payment will be made through the payroll of the Employer, who will be reimbursed by the bank on a bi-weekly basis.