Payment of Salary and Benefits. The payment of salary and benefits, and the period of the leave of absence shall be as follows:
(a) In the period of the programme, preceding the period of the leave, the employee will be paid a reduced percentage, in accordance with section 4 above, of the employee's annual salary. The remaining percentage of annual salary will be deferred and this accumulated amount plus any interest earned shall be retained for the participant by the Employer to finance the period of leave.
(b) The calculation of interest under the terms of this Plan shall be monthly (not in advance). The interest paid shall be that which is afforded to the Employer to the month end balance of the trust account established for the purposes of the Prepaid Leave Plan as set out in writing by the Bank Branch with which the Employer deals. Interest, calculated as above, shall be applied once every six
Payment of Salary and Benefits. The payment of salary, benefits and the timing of the one (1) year of leave of absence shall be as follows:
a) In each year of the plan, preceding the year of leave, the employee will be paid an agreed upon percentage of their regular base salary. The remaining percentage of salary will be deferred and this amount will be retained for the employee by the Board to finance the year of leave. The percentage of salary deferred each year cannot exceed thirty-three and one-third (33 1/3 %) of the employee’s regular base salary.
b) The deferred salary will be deposited in an individual trust account established by the Board. The interest credited to the accounts will be at rates determined by the financial institution. Any interest credited to the account during a calendar year will be paid to the employee at the end of the calendar year if required by Revenue Canada.
c) Salary payments will be made on the employee’s regular pay day. Deposits to the trust accounts will be made on the employee’s regular month end pay date.
d) During the year leave, the employee may continue to participate in the Board’s group insurance plans provided the insurance carrier allows continued participation and the employee pays one hundred percent (100%) of the applicable premiums.
e) All amounts deferred shall be paid to the employee by the end of the taxation year following the year that the salary deferral period ended.
Payment of Salary and Benefits. 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 through the Resignation Date. Employee ceased accruing employee benefits, including, but not limited to, vacation time and paid time off, as of the Resignation Date.
Payment of Salary and Benefits. The payment of salary, benefits and the timing of the one (1) year of leave of absence shall be as follows:
Payment of Salary and Benefits. The payment of salary and benefits, and the period of the leave of absence shall be as follows:
(a) In the period of the programme, preceding the period of the leave, the employee will be paid a reduced percentage, in accordance with section 4 above, of the employee’s annual salary. The remaining percentage of annual salary will be deferred and this accumulated amount plus any interest earned shall be retained for the participant by the Society to finance the period of leave.
(b) The calculation of interest under the terms of this Plan shall be monthly (not in advance). The interest paid shall be that which is afforded to the Society to the month end balance of the trust account established for the purposes of the Prepaid Leave Plan as set out in writing by the Bank Branch with which the Society deals. Interest, calculated as above, shall be applied on a monthly basis, the first credit to be the month following the initial deposit. A yearly statement of the amount standing in the participant’s credit will be sent to the participant by the Society.
(c) During the period of the programme prior to the leave, any benefits related to the salary level, shall be structured according to the salary the participant would have received in the period concerned had the participant not been in the Plan.
(d) A participant’s coverage for life insurance, LTD, OHIP, extended Health and Dental Plan coverage will be maintained by the Society during the leave of absence, if eligibility conditions permit; however, the premium costs of all such plans shall be paid by the participant to the Society during the leave.
(e) During the period of the programme that the employee is on leave, any benefits related to salary level shall be structured according to the salary the participant would have received in the period prior to taking the leave had the participant not been in the Plan.
(f) At the commencement of the period of leave, the Society shall pay to the participant the monies standing to the participant’s credit less any premiums or contributions deducted for the leave, except as may otherwise be mutually agreed. If by mutual agreement, the employee chooses to have some of the deferral amount withheld during the leave then interest shall be paid on the balance withheld. All monies deferred including interest must be paid out by the end of the leave period.
Payment of Salary and Benefits. While on Leave of Absence for Union Duties The Corporation agrees to continue to pay the regular salary and benefits of an employee on approved leave of absence for union duties, and the Union agrees to reimburse the Corporation for all payments made to the employee during the leave of absence.
Payment of Salary and Benefits. Except as otherwise set forth in this Agreement, Executive and the Company acknowledge acknowledges and represents that the Company has settled all salary, wages, accrued vacation, tax equalization payments and any and all other benefits due to Executive as of the Effective Date.
Payment of Salary and Benefits. The payment of salary, benefits and the timing of the one (1) year of leave of absence shall be as follows:
a) In each year of the plan, preceding the year of leave, the employee will be paid an agreed upon percentage of their regular base salary. The remaining percentage of salary will be deferred and this amount will be retained for the employee by the Board to finance the year of leave. The percentage of salary deferred each year cannot exceed thirty-three and one-third (33 1/3 %) of the employee’s regular base salary.
b) The deferred salary will be deposited in an individual Deferred Salary Leave Plan (DSLP) account established by the Board. The interest credited to the accounts will be at rates determined by the financial institution. Any interest credited to the Deferred Salary Leave account during a calendar year will be paid to the employee at the end of the calendar year if required by Canada Revenue Agency.
c) Salary payments will be made on the employee’s regular pay day. Deposits to the Deferred Salary Leave (DSLP) accounts will be made on the employee’s regular month end pay date.
d) During the year leave, the employee may continue to participate in the Board’s group insurance plans provided the insurance carrier allows continued participation and the employee pays one hundred percent (100%) of the applicable premiums.
e) All amounts deferred shall be paid to the employee by the end of the taxation year following the year that the salary deferral period ended.
Payment of Salary and Benefits. Tan acknowledges and represents that, except as explicitly set forth in Section 8 of the Consulting Agreement, the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Tan. Tan ceased accruing employee benefits, including, but not limited to, vacation time and paid time off, as of the New CEO Employment Date.
Payment of Salary and Benefits. 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 as of the date of this Agreement. Executive acknowledges and agrees that he is not entitled to any severance or compensation from the Company, except as specifically set forth in this Agreement.
