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Pension Allowance Sample Clauses

Pension Allowance. Each participant in the Philips flex pension scheme whose fixed pensionable salary exceeds the maximum pensionable salary from the pension scheme is entitled to a pension allowance of 15% of the difference between the fixed pensionable salary and the maximum pensionable salary. At the end of the calendar month, in conjunction with the payment of the monthly salary, the pension allowance shall be paid, taking into account the applicable part-time percentage.
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Pension Allowance. 7.1 In lieu of any contribution to the Pension Scheme, the Company will pay the Executive an amount equal to 20% of the Executive's base salary subject to statutory deductions in equal monthly instalments at the same time as Salary. 7.2 A contracting-out certificate is not in force in respect of the employment.
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Pension Allowance. The Employer will pay directly to the Executive or to a registered pension scheme (including Your Tomorrow or other registered pension scheme as defined in the Finance Act 2004) nominated by him an amount equal to 50% of the annual Reference Salary from time to time as a pension allowance. The Executive acknowledges that in signing this contract the Executive will be deemed to have opted out of the “personal accounts” arrangements due to be implemented from 2012 in the United Kingdom (except and to the extent that this is the arrangement which the Employer designates as the Scheme). Currently, a Contracting-Out Certificate pursuant to the provisions of the Pensions Act 1995 is not in force in respect of the Executive’s employment. The pension allowance paid by the Employer will not be taken into account for the purposes of calculating bonus or other such payments and shall include the Executive’s 4% flexible benefit allowance. The Executive acknowledges and agrees that any payments to or in respect of him (other than to a registered pension scheme as defined in the Finance Act 2004) under this Clause will be subject to deduction of income tax and secondary national insurance contributions and that the net amount only after such deductions shall be received by or in respect of the Executive. To the extent that any part of the pension allowance under this Clause is paid to a registered pension scheme (as defined in the Finance Act 2004) the Executive acknowledges and agrees that he will be solely liable for any annual allowance charge, special annual allowance charge or lifetime allowance charge in respect thereof.
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Pension Allowance. 1. The Employer will not provide for any pension provision. 2. After 30 days after the commencement of the employment contract, Employer will provide a monthly payment in the amount of 17.5% of the Employee’s most recent gross monthly base salary which may be used by the Employee for pension. This will be a gross payment.
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Pension Allowance. Subject to clause 3.4.4, the Executive is eligible to receive an allowance of 55 per cent. of annual Basic Salary in order to fund personal pension arrangements.
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Pension Allowance. Any employee retiring between May and Xxx under the terms of the early retirement provisions or normal retirement provisions of the Plan will receive a pension benefit equal to the greater of the following calculations:
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Pension Allowance. Subject to clause 3.4.4, the Appointee is eligible to receive an annual allowance of 50 per cent. of annual Salary (less Statutory Deductions) payable monthly in arrears, in order to fund personal pension arrangements.
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Pension Allowance. In line with your current arrangements, you will continue to be eligible to a pension cash allowance of 10% of your base salary paid pro-rata in bi-weekly installments in accordance with the standard payroll practices of the Employer. You are also eligible to participate in the Employer’s 401(k) plan, subject to the eligibility and other provisions of such plan. Should you choose to participate in the Employer’s 401(k) plan then your ongoing entitlement to the pension cash allowance will be reduced by the Employer contributions to the 401(K) plan.
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Pension Allowance. 8.1. A pension contribution will be paid by the Company over the gross annual base salary as per January 1 of each year as far as the gross annual base salary is payable in The Netherlands, less an offset of EURO 13,908 (indexed annually to CPI all households), and the annual bonus (as stated in article 3.2), as described in the separate letter agreement
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Related to Pension Allowance

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of 26 weeks' salary, and, in addition, full-time employees shall receive a single lump-sum payment equivalent to $1,000 for each year less than age 65 to a maximum of $5,000 upon retirement."

  • Vacation Allowance Employees in permanent positions are entitled to vacation with pay. Accrual is based upon straight time hours of working time per calendar month of service and begins on the date of appointment to a permanent position. Increased accruals begin on the first of the month following the month in which the employee qualifies. Accrual for portions of a month shall be in minimum amounts of one (1) hour calculated on the same basis as for partial month compensation pursuant to Section 5.6 of this MOU. Vacation credits may be taken in one (1) minute increments but may not be taken during the first six (6) months of employment (not necessarily synonymous with probationary status) except where sick leave has been exhausted; and none shall be allowed in excess of actual accrual at the time vacation is taken.

  • Annual Allowance The Corporation shall pay to the Executive, in cash, in a lump sum, on the Payment Date an amount equal to two times the annual allowance to which the Executive is entitled as of the date of the Date of Termination (or, if higher, as of immediately prior to the Effective Date).

  • Separation Allowance 23.01 Should it become necessary to close the plant or a portion of the plant and it is not expected that those affected will be re-employed, a separation allowance will be paid to employees subject to the following: (a) They have one (1) or more years seniority. (b) They are actively employed with the Company and accumulating seniority. Employees on leave of absence up to one (1) year, and employees receiving Workers' Compensation or off sick will be eligible. (c) They have not been granted retirement pension. (d) The closing is not brought about by war, strike, walkout, work stoppage, slowdown or other cessation of work, fire, government action or Act of God. (e) In order to qualify for separation allowance employees will continue to work in a satisfactory manner as long as required. (f) Effective the date of ratification the Separation Allowance shall be seventy-five percent (75%) of the individual's weekly pay, based on forty (40) hours per week multiplied by the number of years of service calculated to the nearest full calendar month. If Truck Drivers’ positions are eliminated during the term of this Agreement, impacted Truck Drivers will have the option to take their Severance Allowance payout or take another available position and retain their Truck Driver rate of pay as long as they maintain that position, or a second subsequent position. (g) In the event of a whole or partial plant reduction, all employees affected shall receive six (6) weeks notice or receive pay in lieu of notice. (h) Employees who have not completed four thousand, one hundred sixty (4,160) hours worked after their hire date will be eligible for a separation Allowance on termination of employment as set out in the Province of British Columbia Employment Standards Act. (a) Employees who accept separation pay under the provisions of this clause shall on doing so terminate their seniority and employment relationship with the Company and shall have no further rights under this Agreement or under any other Agreement between the signing parties. (b) Notwithstanding 2 (a) above, should the plant re-open the rehired employee(s) who have received separation pay shall be accredited with full seniority rights accrued during their employment upon returning such separation pay within a period not to exceed thirty (30) working days. 23.03 In the event that part of the plant remains open, employees eligible to receive separation allowance may elect to remain on the seniority list for possible recall. The Company will hold the separation allowance for such employees so long as they are eligible for recall, during which time the employee may request payment subject to the provisions of the above section. Those re-employed on this basis shall continue to accumulate seniority during the period of layoff. 23.04 In respect of those employees who are eligible for separation allowance under this Article, the Company will continue to contribute to the Group Life Insurance, Dental, Medical Surgical, Major Medical and Hospitalization Plans. Such contributions shall continue for a period up to five (5) months following the month in which the plant is closed and will be made on the basis existing at the time of closing. 23.05 Should the Company open a plant in British Columbia, or transfer any of its present operations covered by this Agreement and present employees are displaced because of this, the Company agrees that such employees will be the first to be employed, in order of seniority, at such new plant or operation. The selection of available jobs, under the provisions of this clause, shall be on the basis of seniority. Previous service with the Company shall be recognized for the purposes of wages, vacations, separation allowance and welfare plans.

  • Education Allowance Provisions in existing Collective Agreements providing for educational allowances shall be continued in effect.

  • Meal Allowance A shift worker who works a qualifying shift of eight hours or the rostered shift, whichever is the greater, and who is required to work more than one hour beyond the end of the shift (excluding any break for a meal) shall be paid a meal allowance of $7.95, or, at the option of the employer, be provided with a meal.

  • Car Allowance The Company shall provide the Executive an automobile allowance of $750 per month during the term of Executive’s employment hereunder.

  • Shift Allowance In addition to the wage specified in sub-clause (1), read with sub- clause (12), a normal shift worker shall, in respect of his shift hours worked in any week, be paid an additional 12,5% on such wage.

  • Relocation Allowance An employee who is promoted and required by agency policy to relocate his residence shall be granted time off with pay for one workday for this purpose. In addition, the employee shall be granted travel time to the new location based on the most direct route. No employee will be credited with more than the number of hours in the employee’s regular workday and such time shall not be counted as hours worked for the purpose of computing compensatory time or overtime.

  • Moving Allowance With the prior approval of the Agency Head and/or his/her Designee concerning reimbursable costs, employees involuntarily transferred to a new job location fifty miles or more from the employee’s old residence than the old residence was from the old job location shall be reimbursed for receipted moving expenses, as provided in the IRS guidelines. For the purposes of this section, promotions and the exercise of any bumping option shall be considered as a voluntary transfer. Notwithstanding the above, at the discretion of the Agency Head and/or his/her Designee, employees may be reimbursed for moving expenses. 9.6.1 If an employee, whose moving expenses (all or a part) have been paid, resigns within one calendar year of the move, the Agency Head and/or his/her Designee may require the employee to reimburse the Agency for a portion of the moving expenses, based on the length of time the employee worked after the move. 9.6.2 Employees who have been involuntarily transferred or have exercised bumping rights to another geographical location of the State shall be allowed up to twenty-four hours of time off with pay for the purpose of attending to their personal affairs in their present location and establishing their personal affairs in their new location. Such time off from work must be approved in advance by the Agency Head and/or his/her Designee.

Most Referenced Clauses

Most Referenced Definitions