Rental Assistance. An employee who transfers to a higher cost rental area and who rents comparable rental accommodation will be provided with rental assistance by Vertex as follows. The extent of this assistance will be the lesser of: a) the monthly rent in the old location multiplied by Vertex’s rental differential; or b) the amount of the monthly increase in rent. An employee who rents in the former location and purchases in the new location will be eligible for the equivalent of rental assistance as will the employee who conversely owns a home in the former location and rents in the new location. Rental assistance will be provided for a five year period, based on 100% assistance in the first year and decreasing by 10% annually over the next four years. This assistance will cease if the employee transfers to a new work location, terminates his/her employment with Vertex, ceases to rent, retires or dies.
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
