Payment of Salary. Employee acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Employee.
Payment of Salary. Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Executive.
Payment of Salary. (a) During the 4 year accrual period participants in the scheme receive 80% of their normal fortnightly salary and will thus be taxed at this reduced rate of pay. Normal salary is defined as an employee’s normal fortnightly salary plus any associated allowances. In the fifth year, when leave is taken, the participants will receive the money contributed over the 4 year period. This amount can be paid fortnightly; in one lump sum payment; or 2 payments, 1 in each of the financial years.
(b) The participant will be taxed only on the amount actually received, in this case approximately 80% of the normal salary (including allowances). This is a significant taxation incentive for participants. It is recommended that, prior to entering into this scheme, prospective participants discuss taxation implications and other related issues with their accountant or financial adviser.
(c) It should be noted that interest is not paid on amounts accumulated during the accrual period. A taxation ruling prohibits such payment on the basis that people taking advantage of a taxation incentive cannot derive interest on those funds. Interest accrued will be utilised to offset the administrative costs of the fund.
Payment of Salary. Payments of salary shall be made to the Executive in installments from time to time on the same dates payments of salary are generally made to all senior management employees of the Company.
Payment of Salary. 5.2.1 Employees will be paid fortnightly in arrears by direct credit. Where errors have occurred as a result of employer action or inaction, corrective payment must be made within one working day of the error being brought to the employee’s attention.
5.2.2 Where an employee has taken leave in advance of it becoming due, and the employee leaves before the entitlement has accrued, the employer will deduct the amount owing in excess of entitlement from the employee’s final pay.
5.2.3 Any monies agreed, as being owed by the employee to the employer upon termination will be deducted from the employee’s final pay except where ongoing arrangements have been made for repayments to continue following termination of employment.
5.2.4 The employees shall complete timesheets as required by the employer. Wherever practicable any disputed items shall not be changed without first referring it to the affected employee.
Payment of Salary. The university may require salary payments to full-time nine- month faculty to be paid in equal increments over a 12-month period.
Payment of Salary. The Company represents and Employee acknowledges and represents that the Company has paid (or will pay pursuant to the terms of the applicable plan or program and the Management Retention Agreement) all salary, wages, bonuses, commissions, accrued vacation and expense reimbursements and any and all other benefits due to Employee through the date of signing of this Release.
Payment of Salary. If a teacher's contract shall be terminated as provided therein or if a teacher shall retire or if a teacher commences a leave of absence without pay before the end of a school year, the final salary payment shall be so adjusted that the teacher shall receive, for the part of the year taught, such fraction of the salary for the whole year as the number of days taught is of the total number of days in the current school year as prescribed by the Minister. All remaining salary as yet unpaid shall be paid to such a teacher within twenty (20) business days of the termination of employment or commencement of leave of absence.
Payment of Salary. The Division shall pay to members of the Association interest on any retroactive pay which may be paid to such members, on condition that the interest shall be paid for the period of time between the date one of the parties applies for interest arbitration and the date on which any payment is subsequently paid and, in addition, will be paid only on such amounts as would have been outstanding from time to time until such time as payment is finally made. The interest paid to each full-time teacher shall be calculated on the "average net retroactive pay" determined as hereinafter provided. Such interest shall be computed at the average rate at which the Division borrows funds during the twelve (12) month period preceding the calculation date or at nine percent (9%), whichever is the lesser. Part-time teachers shall be paid interest on a prorated basis. The "average net retroactive pay" shall be determined in accordance with the following formula: A x B = C ÷ D = E Where: A = 55%, being the agreed upon percentage of net retroactive pay to gross retroactive pay. B = total gross retroactive pay. C = net retroactive pay.
Payment of Salary. 14.3.1 Regular employees shall be paid an annual salary as determined by Appendix B. The salary shall be paid in biweekly instalments equal to one twenty sixth (1/26) of the annual salary. Sessional and casual employees shall be paid a biweekly amount pro-rated to the actual time worked.
14.3.2 Where the salary increases during the year, the salary for the period remaining in the academic year shall be paid in equal instalments of the revised annual entitlement.
14.3.3 Employees who commence or terminate employment during the academic year shall have their total remuneration pro-rated on the basis of their completed workload.
14.3.4 The Employer will deposit the employee's pay cheques in an account at a financial institution designated by the employee.
