Regular Special Rated Classification Sample Clauses
The 'Regular Special Rated Classification' clause defines how individuals or entities are categorized for the purposes of determining applicable rates, terms, or coverage within an agreement, often in insurance or employment contexts. This clause typically outlines the criteria or conditions under which a party is assigned a 'regular,' 'special,' or 'rated' status, which may affect premiums, benefits, or obligations. For example, an insurance policy might classify policyholders based on health or risk factors, assigning higher rates to those in a 'special rated' category. The core function of this clause is to ensure transparent and consistent classification, thereby allocating risk and clarifying the basis for differential treatment among parties.
Regular Special Rated Classification. A Regular-Special Rate classification is an employee who has regular status but does not participate in any of AMEC NSS’s Health, Dental and Pension & Life insurance plans. In lieu of these benefits, the base rate will be increased up to a maximum of 25% above the appropriate base rate for the job. Generally this classification is only to be used for external hires that have 25 years or more experience, and is not available for or applicable to other employees. Nevertheless, the parties can agree to the hiring of individuals into this classification with less than 25 years experience or the employer can do so for up to 4 individuals where the individual’s experience is up to a few years less than 25 years.
Regular Special Rated Classification. 3.4.1 A Regular Special-Rated classification is an employee who has regular status but chooses not to participate in any of Kinectrics’ Health, Dental, Pension & Life insurance plans and Article 64 of the Collective Agreement. In lieu of these benefits, the base rate may be increased to an agreed upon amount. The employer shall inform the Society of the increased base rate and this rate shall form an essential and enforceable part of the collective agreement for the employee involved.
3.4.2 This classification is only to be used for external hires that have at least 25 years or more experience, or existing employees who are eligible for an undiscounted pension who choose to retire, subject to existing laws. This classification is not available for, or applicable to other employees. Nevertheless, the parties can agree to the hiring of individuals into this classification with less than 25 years experience. Such approval shall not be unreasonably withheld.
3.4.3 Payments made under this provision cannot be used to calculate compensation for the purposes of medication-arbitration.
Regular Special Rated Classification