Common use of Payment Formula Clause in Contracts

Payment Formula. 1. During the non-leave portions of the individual scheme (the X years) the participating Teacher shall be paid his/her normal grid salary and allowance less the amount set out in the individual scheme by which the participating Teacher’s normal grid salary and allowances are to be reduced. 2. During the non-leave portions of the individual scheme which precede the leave, this amount shall be deducted from each monthly payment of salary according to the salary payment schedule in the Collective Agreement, and shall be invested in an individual Deferred Salary Leave account established by the Board for the Teacher in the Board’s financial institution at the negotiated bank rate for credit interest paid. The investment will be left to accumulate for the Teacher’s use during the leave portion of the scheme. These funds shall not be withdrawn until commencement of leave year or withdrawal from the Plan. Any interest earned by the Deferred Salary Leave account during each calendar year will be paid to the Teacher and included on a T4 or T4A for the taxation year that it is earned. 3. During the leave portion of the individual scheme, the balance of the Deferred Salary Leave account, including interest earned, will be paid to the Teacher in a manner mutually agreed upon by the Board and the Teacher.

Payment Formula. 1. During the non-leave portions of the individual scheme (the X years) the participating Teacher shall be paid his/her normal grid salary and allowance less the amount set out in the individual scheme by which the participating Teacher’s normal grid salary and allowances are to be reduced. 2. During the non-leave portions of the individual scheme which precede the leave, this amount shall be deducted from each monthly payment of salary according to the salary payment schedule in the Collective Agreement, and shall be invested in an individual Deferred Salary Leave account established by the Board for the Teacher in the Board’s financial institution at the negotiated bank rate for credit interest interes t paid. The investment will be left to accumulate for the Teacher’s use during the leave portion of the scheme. These funds shall not be withdrawn until commencement of leave year or withdrawal from the Plan. Any interest earned by the Deferred Salary Leave account during each calendar year will be paid to the Teacher and included on a T4 or T4A for the taxation year that it is earned. 3. During the leave portion of the individual scheme, the balance of the Deferred Salary Leave account, including interest earned, will be paid to the Teacher in a manner mutually agreed upon by the Board and the Teacher.