Periodic Salary Review. The annual salary of the EMPLOYEE shall be reviewed by the Board of Directors from time to time throughout the TERM, but not less often than once every three years, and shall be set at an amount not less than $123,301.00, based upon the EMPLOYEE’s individual performance and such other factors as the Board of Directors may deem appropriate (hereinafter referred to as the “PERIODIC REVIEW”). The results of the PERIODIC REVIEW shall be reflected in the minutes of the Board of Directors.
Periodic Salary Review. 15.1 Without prejudice to the provisions of Articles 15.2 through 15.4 and insofar as the employee has not yet reached the standard maximum annual salary of his salary grade, the employee will, as of April 1 of any year, receive the standard periodic increase corresponding to his salary grade or a partial periodic increase in connection with the employee reaching the standard maximum annual salary.
15.2 Based on an assessment of job performance, individual growth expectations, or internal or external relations, an employee may be granted a larger increase in salary instead of a standard periodic increase.
15.3 Based on an assessment of job performance, an employee may be granted no increase or a smaller increase instead of a standard periodic increase. Employees classified in salary grade 2 through 8 will, in addition to the above, be granted at least one-half standard periodic increase.
15.4 Employees classified in salary grade 9 and higher who have reached the standard maximum salary of their salary grade and are not eligible for classification in a higher salary grade may be granted one or more increases up to a maximum of a total of 15% of the standard maximum salary of their salary grade if, in the opinion of management, their contribution is such that it would be unreasonable not to pay them additional remuneration.
Periodic Salary Review. 14.1. Without prejudice to the provisions of articles 14.2 to 14.4, provided they have not yet reached the standard minimum annual salary of their salary group, employees receive on 1 April of any year the standard periodic increase corresponding to their salary group or a partial periodic increase related to the extent to which they have reached the standard maximum annual salary. Employees who commence employment on or after 1 October are not eligible for this periodic increase on 1 April of the following year.
14.2. On the basis of an assessment of job performance, individual growth expectations or internal or external relations, a larger increase can be awarded to an employee in place of a standard periodic increase.
14.3. On the basis of an assessment of job performance, in place of a standard periodic increase an employee may receive no increase or a smaller increase. For employees who are in salary groups 2 to 8, in addition to the foregoing at least half the standard periodic increase will be allocated. Each employee will, after classification in a salary group within the number of years corresponding to the normal number of standard periodic increases in his salary group, receive a salary that is at least equal to 90% of the standard maximum salary of his salary group.
14.4. To employees who are in salary group 9 or higher who have reached the standard maximum salary of their salary group and are not eligible for classification in a higher salary group, one or more increases may be allocated up to a maximum total of 15% of the standard maximum salary of their salary group, if in the opinion of the management their contribution is such that it would be unreasonable not to make this additional payment.
