Common use of Payment Formula and Retention of Deferred Salary Clause in Contracts

Payment Formula and Retention of Deferred Salary. a) In each year or half year of the DSLP preceding the year or half year of leave, the appropriate proportion of salary and allowances will be retained by the Board and held in trust for the teacher to be paid out during the period of the leave. The reduced percentage of salary paid in the years preceding the leave is calculated as follows: [n/(n+1)] x 100% of the salary and applicable allowances normally earned. Interest earned on the deferred salary shall be paid to the teacher in accordance with Revenue Canada regulations and guidelines. b) During the period of the leave, the Board shall pay the teacher the accumulated monies held in trust for the teacher in either, i. instalments conforming to the regular pay periods and in the proportional amounts set forth in Article 10 for the period of leave, or xx. xxx or two lump sums, if requested by the teacher in special, extenuating circumstances.

Payment Formula and Retention of Deferred Salary. (a) In each year or half year of the DSLP preceding the year or half year of leave, the appropriate proportion of salary and allowances will be retained by the Board and held in trust for the teacher to be paid out during the period of the leave. The reduced percentage of salary paid in the years preceding the leave is calculated as follows: [n/(n+1)] x 100% of the salary and applicable allowances normally earned. Interest earned on the deferred salary shall be paid to the teacher in accordance with Revenue Canada regulations and guidelines. (b) During the period of the leave, the Board shall pay the teacher the accumulated monies held in trust for the teacher in either, i. i) instalments conforming to the regular pay periods and in the proportional amounts set forth in Article 10 for the period of leave, or xx. xxx or ii) one or two lump sums, if requested by the teacher in special, extenuating circumstances.

Payment Formula and Retention of Deferred Salary. a) In each year or half year of the DSLP preceding the year or half year of leave, the appropriate proportion of salary and allowances will be retained by the Board and held in trust for the teacher to be paid out during the period of the leave. The reduced percentage of salary paid in the years preceding the leave is calculated as follows: [n/(n+1)] x 100% of the salary and applicable allowances normally earned. Interest earned on the deferred salary shall be paid to the teacher in accordance with Revenue Canada regulations and guidelines. b) During the period of the leave, the Board shall pay the teacher the accumulated monies held in trust for the teacher in either, i. instalments conforming to the regular pay periods and in the proportional amounts set forth in Article 10 for the period of leave, or xx. xxx or xx.xxx or two lump sums, if requested by the teacher in special, extenuating circumstances.