Salary Formula Clause Samples
A Salary Formula clause defines the method or calculation used to determine an employee's salary. Typically, this clause outlines the specific variables or metrics—such as base pay, performance bonuses, commissions, or cost-of-living adjustments—that factor into the final salary amount. By clearly specifying how compensation is calculated, the clause ensures transparency and consistency in pay, reducing misunderstandings and disputes between employer and employee.
Salary Formula. 29.04.01 In each year of the Plan preceding the year of the leave, an employee will be paid 80% of his/her annual salary. The remaining 20% of annual salary shall be deferred and deposited to a separate trust account at the Chesley, Ontario branch of the Canadian Imperial Bank of Commerce with an account heading "Bluewater School Board In Trust for [name of employee]". The amount deposited to this account together with interest earned shall be retained for the employee to finance the year of leave. Consideration will be given to a request for a leave to be financed by deduction of a larger amount of salary over a shorter period of time. For example, deduct for three years to finance a leave in the fourth year or deduct for two years to finance a leave in the third year.
29.04.02 At the commencement of the leave of absence, the amount deposited to the employee account plus accrued interest to that date shall be transferred to the general account of the Board to pay the employee's salary, and no further interest shall be earned.
29.04.03 On or before August 31, just prior to commencement of the leave, the participating employee shall select one of the following methods of salary on or before the leave of absence:
a) A lump sum payment of the entire year's salary on or before September 20.
b) 40% of salary on or before September 20 and 60% of salary on or before January 20. If this option is selected the employee may continue to direct the type of investment account to be used for the 60% amount retained to January 20.Payment on January 20 will include the total amount on deposit together with interest earned up to and including that date.
c) Payment as per method detailed in the collective agreement in force at the time.
29.04.04 The type of investment account shall be selected by the employee who will inform the bank and the employer by August 15 of each year regarding the type of investment account into which the current amount and/or new deposits will be placed for the period September 1 to August 31. Notwithstanding the above, with the approval of the Bank, the employee may direct, during the period September 1 to August 31, a change in the type of investment account previously selected.
Salary Formula. Temporary Unit Members in Non-Credit Semester Program 7
Salary Formula. Unit Members in Not-for-Credit/Community Education Program 7
Salary Formula. All Members of the Bargaining Unit are to be on the salary formula. Those with extended contracts shall receive additional salary on a pro-rated basis. A Member of the Bargaining Unit employed for more than half time shall be placed on the salary formula and shall be paid a salary and benefits proportionate to the amount of time employed.
Salary Formula. The formula for Administrator salaries will always be based on 60% of the top (step 11) BA+35/MA amount in the teacher’s contract.
Salary Formula. The leave will be financed by spreading “n” years salary payments over an “n” plus one period. “n” is not to exceed four (4) years. The leave of absence must be taken in the final year of the Plan. A maximum deferral under the Income Tax Act in any given year is 33⅓ .
(a) In all the years of the Plan, commencing September next following approval, the employee shall be paid a percentage of the salary and allowances to which the employee is otherwise entitled.
Salary Formula. The leave will be financed by spreading “n” years salary payments over an “n” plus one period. “n” is not to exceed four (4) years. The leave of absence must be taken in the final year of the Plan. A maximum deferral under the Income Tax Act in any given year is 33⅓.
(a) In all the years of the Plan, commencing September next following approval, the Teacher shall be paid a percentage of the salary and allowances to which the Teacher is otherwise entitled.
(b) The remaining percentage of such salary and allowances shall be retained by the Board and accumulated with interest credited thereon at the rate payable from time to time by the bank or other Canadian savings institutions on Daily Interest Savings Accounts and compounded daily.
(c) The leave of absence shall commence on September 1st of the final year from the commencement of the Teacher’s participation in the Plan.
(d) The Board pays the Teacher all the funds accumulated pursuant to (b) in instalments as per the regular pay schedule.
(e) Interest earned on the deferred amounts must be paid to the Teacher in the taxation year in which it is earned. These amounts are to be treated as employment income for the purpose of the Income Tax Act and shall be paid by December 31st in each year.
Salary Formula. In each year of the Plan preceding the year of the leave, an employee will be paid 80% of his/her annual salary. The remaining 20% of annual salary shall be deferred and deposited to a separate trust account at the Chesley, Ontario branch of the Canadian Imperial Bank of Commerce with an account heading "Bluewater School Board In Trust for [name of employee]". The amount deposited to this account together with interest earned shall be retained for the employee to finance the year of leave. Consideration will be given to a request for a leave to be financed by deduction of a larger amount of salary over a shorter period of time. For example, deduct for three years to finance a leave in the fourth year or deduct for two years to finance a leave in the third year.
Salary Formula. The leave will be financed by spreading "n" years salary payments over an "n" plus one period. "n" is not to exceed four (4) years. The leave of absence must be taken in the final year of the Plan. A maximum deferral under the Income Tax Act in any given year is 33 %.
(a) In all the years of the Plan, commencing September next following approval, the employee shall be paid a percentage of the salary and allowances to which the employee is otherwise entitled.
(b) The remaining percentage of such salary and allowances shall be retained by the Board and accumulated with interest credited thereon at the rate payable from time to time by the bank or other Canadian savings institutions on Daily Interest Savings Accounts and compounded daily.
(c) The leave of absence shall commence on September 1st of the final year from the commencement of the employee’s participation in the Plan.
(d) The Board pays the employee all the funds accumulated pursuant to (b) in instalments as per the regular pay schedule.
(e) Interest earned on the deferred amounts must be paid to the employee in the taxation year in which it is earned. These amounts are to be treated as employment income for the purpose of the Income Tax Act and shall be paid by December 31st in each year.
Salary Formula. A contractor’s salary will consist of a labour component and a component for the fixed and running costs of their vehicle.
(i) Labour: The labour component will be calculated as follows:
(a) Annual Leave 160 hours @ ordinary time plus 25% loading
(b) 10 public holidays 80 hours @ ordinary time
(c) Union Picnic Day 8 hours @ ordinary time
(d) Long Service Leave 13/15 x 40 x ordinary time rate (e) 8 days Sick Leave 64 hours @ ordinary time (f) 44.4 weeks - 11 hours@ 222 x 8 x ordinary rate 222 x 2 x time and one half 222 x double time The ordinary time rate is $14.986. Current Labour component for all classes is $49,086.71 that represents the following percentages of contract driver’s total earnings: A 60.76 C 55.96 CT 55.08 D 51.77 DT 51.03
(ii) Fixed Vehicle Component: The non labour portion of the contract carriers earnings will be varied according to the movement in a basket of costs with different weighting’s and will be reviewed on the 1 April each year. The basket of costs will be based on those for a Class C vehicle and the resultant percentage movements applied to the other classes. COST TYPE EXPLANATION 2002 B/▇▇▇▇ WEIGHTING (% of total variable & fixed costs) Fuel 23000 km per year travelled @ 4.5km/litre = 5111 litres/year. The cost per litre is the ave. of the Caltex price over the previous 12 months. 88.03c/litre Based on a 12 mth average ($4,499) 11.68% Oil 60 litres per year. Source: FleetServe Valvaline Diesel Extra. $4.02 per litre ($241) 0.62% Tyres Tyre life 23.000km, therefore 6 tyres per year. Source: Bridgestone 11 R22.5 16 R285 $328.20 per tyre ($1969) 5.11% Repairs & Maintenance Percentage movement measured by movement in cost of part at attached schedule. $7,391 19.19% Registration & third party insurance Source: An average of three Class C Contract drivers $1,499 3.89% Comprehensive insurance Source: 3% of value of the truck. Movements to be taken from an average of three Contract drivers. $3,300 8.57% Accident & Sickness insurance Source:TCIS 3.5/$100/week $1,615 4.19% Public liability and DG’s insurance Source:TCIS 5mil public liability & 2.5mil DG’s $376 0.97% Administration Adjustment will be made in line with movements in the CPI $4,065 10.55% Leasing costs and return Source: City Hino - Ranger 6 Long Homealloy for body (Total price $68,587) Interest rate: prime rate MESI, March 2002 - 8%. Five years with 30% residual. $13,548 35.18% TOTAL 100%