Rate of Longevity Pay Sample Clauses

Rate of Longevity Pay. During the first five (5) years of employment, an Employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an Employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity
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Rate of Longevity Pay. During the first five (5) years of employment, an employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an employee shall be paid $2.00 per month for each year of service. EXAMPLE: Service Time Total Months Monthly Rate Longevity 5 yr. 1 mo. = 61 months x $2.00 = $122.00 After completion of the tenth year and ending with the fifteenth year of continuous service, an employee shall be paid $2.50 per month for each year of service. EXAMPLE: Service Time Total Months Monthly Rate Longevity 12 yr. 4 mo. = 148 months x $2.50 = $370.00 After completion of fifteenth year and ending with the twentieth year of continuous service, an employee shall be paid $3.00 per month for each year of service. EXAMPLE: Service Time Total Months Monthly Rate Longevity 16 yr. 6 mo. = 198 months x $3.00 = $594.00 After completion of twentieth year and ending with the twenty-fifth year of continuous service, an employee shall be paid $3.50 per month for each year of service. EXAMPLE: Service Time Total Months Monthly Rate Longevity 23 yr. 8 mo. = 284 months x $3.50 = $994.00 After completion of twenty-fifth year of continuous service, an employee shall be paid $4.00 per month for each year of service. Maximum years of service for purposes of longevity is twenty-five (25) years. EXAMPLE: Service Time Total Months Monthly Rate Longevity 25 yr. = 300 months x $4.00 = $1,200.00
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Rate of Longevity Pay. During first five (5) years of employment, an employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 5 yr. 1 mo. = 61 months x $2.00 = $122.00 After completion of the tenth year and ending with the fifteenth year of continuous service, an employee shall be paid $2.50 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 12 yr. 4 mo. = 148 months x $2.50 = $370.00 After completion of fifteenth year and ending with the twentieth year of continuous service, an employee shall be paid $3.00 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 16 yr. 6 mo. = 198 months x $3.00 = $594.00 After completion of twentieth year and ending with the twenty-fifth year of continuous service, an employee shall be paid $3.50 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 23 yr. 8 mo. = 284 months x $3.50 = $994.00 After completion of twenty-fifth year of continuous service, an employee shall be paid $4.00 per month for each year of service. Maximum years of service for purposes of longevity is twenty-five (25) years. EXAMPLE: Service Time Total Months Monthly Rate Longevity 25 years = 300 months x $4.00 = $1,200.00 This policy is reflected in the schedule attached as Exhibit B.
Sample 1
Rate of Longevity Pay. During first five (5) years of employment, an employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 5 yr. 1 mo. = 61 months x $2.00 = $122.00 After completion of the tenth year and ending with the fifteenth year of continuous service, an employee shall be paid $2.50 per month for each year of service. After completion of fifteenth year and ending with the twentieth year of continuous service, an employee shall be paid $3.00 per month for each year of service. After completion of twentieth year and ending with the twenty-fifth year of continuous service, an employee shall be paid $3.50 per month for each year of service. After completion of twenty-fifth year of continuous service, an employee shall be paid $4.00 per month for each year of service. Maximum years of service for purposes of longevity are twenty-five (25) years. (See attached Exhibit B)
Sample 1

Related to Rate of Longevity Pay

  • Rate of Pay a. An Employee who is employed as a teacher teaching on call shall be paid 1/189 of his/her category classification and experience, to a maximum of the rate at Category 5 Step 7, for each full day worked. b. Effective July 1, 2016, an Employee who is employed as a teacher teaching on call shall be paid 1/189 of his/her category classification and experience, to a maximum of the rate at Category 5 Step 8, for each full day worked.

  • Rate of Accrual All full-time employees shall be credited with five (5) hours of paid sick leave per pay period.

  • Rate of Compensation In lieu of direct compensation for all overtime, shift work and standby (as defined in Articles 16, 17 and 18 of this Agreement), regular full-time employees shall receive a special compensation of 7% of their basic salary earned for each calendar year. This special compensation shall not be considered part of the employee's basic salary for the purpose of calculating any benefits or other premium entitlements.

  • Rate of Payment Community service leave for voluntary community service is granted with pay for the first three days leave in a twelve month period to all employees except casual employees.

  • Rate of Interest The Rate of Interest payable from time to time in respect of Floating Rate Notes will be determined in the manner specified in the applicable Final Terms.

  • Hourly Rate (A) The amounts shall be computed by multiplying the appropriate hourly rates prescribed in the Agreement by the number of direct labor hours (DLH) performed. Fractional parts of an hour shall be payable on a prorated basis. The hourly rates shall include wages, indirect costs, general and administrative expenses, and profit. (B) Hourly rate means the rate(s) specified in the Agreement for payment for labor that meets the labor category qualifications of a labor category specified in the Agreement that are performed by the Seller, performed by the subcontractors, or transferred between divisions, subsidiaries, or affiliates of the Seller under a common control. (C) Labor hours incurred to perform tasks for which labor qualifications were specified in the Agreement will not be paid to the extent the work is performed by individuals that do not meet the specified qualification. (D) Seller shall substantiate invoices (including any subcontractor hours reimbursed at the hourly rate in the Agreement) by evidence of actual payment and by individual daily job timecards, records that verify the employees meet the qualifications for the labor categories specified in the Agreement, or other substantiation approved by Company. (E) Unless otherwise prescribed in this Agreement, Company may withhold five percent of the amounts due under this paragraph, with the total amount withheld not to exceed $50,000. The amounts withheld shall be retained until the execution and delivery of a release by Xxxxxx as provided below. (F) Unless this Agreement prescribes otherwise, hourly rates shall not be varied by virtue of Seller having performed work on an overtime basis. If overtime rates are provided, the premium portion will be reimbursable only to the extent the overtime is approved by Company.

  • Interest Rates; LIBOR Notification The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(c) of this Agreement, such Section 2.14(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

  • Supported wage rates Employees to whom this clause applies shall be paid the applicable percentage of the minimum rate of pay prescribed by this Agreement for the class of work which the person is performing according to the following schedule: * (Provided that the minimum amount payable shall be not less than $45 per week). Where a person’s assessed capacity is 10%, they shall receive a high degree of assistance and support.

  • COST OF LIVING ALLOWANCE 29:01 All employees within the Bargaining Unit shall be paid a cost of living allowance based on the cost of living formula as set forth below: The cost of living allowance will be determined in accordance with changes in the Consumer Price Index, published by Statistics Canada (1961 = 100) and hereinafter referred to as the Consumer Price Index. The base Consumer Price Index shall be the Consumer Price Index for February 2016. The first (1st) cost of living adjustment shall be based on the Consumer Price Index of May, 2016, and each three (3) months thereafter compared to the base Consumer Price Index for February 2016. Cost of living adjustments shall be made on pay periods commencing 11:59 p.m. on the following dates: July 5, 2016; October 11, 2016; January 17, 2017; and April 10, 2017. The cost of living rate adjustment shall be One ($0.01) Cent per hour for each point five (.5) change in the Consumer Price Index. The cost of living allowance will be adjusted up or down if and as required for each quarterly period in accordance with the above mentioned formula, provided, however, that in no event will a decline in the Consumer Price Index below the figure as recorded for February, 2016, minus 2.5 points provide a basis for further reduction in the straight time rates set forth in Schedule "A" of the within Agreement. The amount of cost of living Allowance in effect at any time shall be included in computing vacation pay, holiday pay, call-in pay, sick pay, paid leave of absence and Workplace Safety Insurance Board payments. The amount of cost of living allowance shall be included in computing overtime pay except that there shall be no pyramiding as stated in clause 19:06 of the within Agreement. As of June 30, 2016, the cost of living rate adjustment less Five ($0.05) Cents* will be added to the base rates set forth in Schedule "A" in order to create new base rates - said new base rates to be effective as of July 1, 2016. Upon creation of new base rates as provided in the preceding paragraph, a new base Consumer Price Index shall be established and shall be calculated as being the Consumer Price Index for February 2016 minus 2.5 points. This article shall be frozen during the life of the Collective Agreement and no monies will be generated or paid during the term of the Collective Agreement. *The Five ($0.05) Cents referred to was folded into the Base Hourly Wage Rates noted in Schedule “A” effective July 1, 1986. The University of Windsor and C.U.P.E., Local 1001 recognize that some Employees in the Bargaining Unit are using the Sick Leave Plan for illness and various medical appointments above the normal average within the University staff. The Union believes it is the duty of the Employer to manage the Sick Leave Plan and the Union's duty to represent their members eligible to receive sick pay to the best of their ability. To assist the Employer with their concern over the use of the Plan and to protect the interest of the members against any possible erosion of the existing Plan, the Union agrees to counsel all employees by letter and by presentations at general meetings on the need for regular attendance. Further, the Union will encourage members, whenever possible, to schedule appointments after their shift has concluded or as near to the end of their shift as possible.

  • Rest Period After Overtime (a) When overtime work is necessary, it will, wherever reasonably practicable, be so arranged that employees have at least 10 consecutive hours off duty between the work of successive days or shifts, including overtime. (b) An employee, other than a casual employee, who works so much overtime between the termination of their ordinary work on one day and the commencement of their ordinary work on the next day, that they have not had at least 10 consecutive hours off duty between those times, will be released after completion of such overtime, until they have had 10 consecutive hours off duty without loss of pay for ordinary working time occurring during such a absence. (c) If, on the instruction of the employer, an employee resumes or continues to work without having had 10 consecutive hours off duty, they will be paid at the rate of double time until released from duty for such period. The employee will then be entitled to be absent until they have had 10 consecutive hours off duty without loss of pay for rostered ordinary hours occurring during the absence.

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