Common use of Payment Formula Clause in Contracts

Payment Formula. a) In each year of the plan preceding the year of the leave, a teacher shall be paid a reduced percentage of his/her proper grid salary and the applicable allowances. The remaining percentage of annual salary and allowance which shall not exceed 33.3% shall be deferred and this accumulated amount shall be retained for the teacher by the Board to finance the year of leave.

Payment Formula. (a) In each year of the plan preceding the year of the leave, a teacher shall be paid a reduced percentage of his/her proper grid salary and the applicable allowances. The remaining percentage of annual salary and allowance which shall not exceed 33.3% shall be deferred and this accumulated amount shall be retained for the teacher by the Board to finance the year of leave.

Payment Formula. a) In each year of the plan Plan preceding the year period of the leave, a teacher shall will be paid a reduced percentage of his/her proper grid salary and salary. This shall be a fixed percentage for the applicable allowancesduration of the Plan. The remaining percentage of annual salary and allowance which shall not exceed 33.3% shall of the teacher’s salary will be deferred and this accumulated amount shall be retained for the teacher by the Board to finance the year period of leave.