Common use of Payment of Allowance Clause in Contracts

Payment of Allowance.  The Allowance will be calculated annually based on the Taxation Year. It will come into effect for the 2018-19 Taxation Year beginning December 16, 2018.  The Allowance is calculated based on the formula Gross Pay X point seven five percent to a maximum of $500.  Full Time employee earnings from EMBA and Worksafe BC will be included in the calculation until the point when they transition to be covered under the LTD Plan. Union leave will also be included in the calculation.  The Allowance will be assigned to the Bargaining unit employee’s payroll account and will be used exclusively for the purchase of HEOG shares when these shares are available for purchase in the annual offering of share purchases for bargaining unit Shareholders.  In the event that there are not enough available shares to purchase, share purchases will be allocated on a prorated basis. The remaining balance in the employee’s allowance account will be carried over for the next opportunity to purchase shares.  In the event of the termination of a bargaining unit employee with a cash accrual in their payroll account this amount will be paid out to the bargaining unit employee on termination. The wage scale for the term of this Agreement is attached as Exhibit "A" of this Agreement.

Payment of Allowance.  The Allowance will be calculated annually based on the Taxation Year. It will come into effect for the 2018-19 Taxation Year beginning December 16, 2018.  • The Allowance is calculated based on the formula Gross Pay X point seven five percent to a maximum of $500.  • Full Time employee earnings from EMBA and Worksafe BC will be included in the calculation until the point when they transition to be covered under the LTD Plan. Union leave will also be included in the calculation.  • The Allowance will be assigned to the Bargaining unit employee’s payroll account and will be used exclusively for the purchase of HEOG shares when these shares are available for purchase in the annual offering of share purchases for bargaining unit Shareholders.  • In the event that there are not enough available shares to purchase, share purchases will be allocated on a prorated basis. The remaining balance in the employee’s allowance account will be carried over for the next opportunity to purchase shares.  • In the event of the termination of a bargaining unit employee with a cash accrual in their payroll account this amount will be paid out to the bargaining unit employee on termination. The wage scale for the term of this Agreement is attached as Exhibit "A" of this Agreement.