Common use of Payment Formula Clause in Contracts

Payment Formula. (a) In each year of the plan, preceding the year of the leave, the employee will be paid a reduced percentage of applicable annual salary. (b) The percentage of the gross annual salary will be deducted in bi-weekly installments commencing with the first pay cheque of the month specified by the employee and will continue to be deducted for a period not to exceed sixty (60) months. (c) All deferred salaries will be held in trust in an interest-bearing account. The interest earned will accrue to the benefit of the participant. (d) For the duration of the leave, the amount accumulated in the previous years will be paid to the employee in equal bi-weekly installments. The residual amount will continue to earn interest; any adjustment of accumulation will be paid on the final installment.

Payment Formula. (a) In each year of the plan, preceding the year of the leave, the employee will be paid a reduced percentage of applicable annual salary. (b) The percentage of the gross annual salary will be deducted in bi-weekly installments commencing with the first pay cheque of the month specified by the employee and will continue to be deducted for a period not to exceed sixty (60) months. (c) All deferred salaries will be held in trust in an interest-interest bearing account. The interest earned will accrue to the benefit of the participant. (d) For the duration of the leave, the amount accumulated in the previous years will be paid to the employee in equal bi-weekly installments. The residual amount will continue to earn interest; any adjustment of accumulation will be paid on the final installment.