Common use of Rate of Longevity Pay Clause in Contracts

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

Rate of Longevity Pay. During the first five (5) years of employment, an employee 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 Employee shall be paid $2.00 per month for each year of service. EXAMPLE: 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 Employee shall be paid $2.50 per month for each year of service. EXAMPLE: 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 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 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 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 = $1,200.00five