Sample longevity scenarios Sample Clauses

Sample longevity scenarios a. Employee A is a Category 1 employee and their date of hire is December 1, 2006. Employee A’s 10 year anniversary is December 1, 2016. Employee A’s hourly rate as of June 30, 2016 is $18.00 per hour. Employee A’s hourly rate on July 1 is calculated in the following manner:
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Sample longevity scenarios a. Employee A is a Category 1 employee and their date of hire is December 1, 2006. Employee A’s 10 year anniversary is December 1, 2016. Employee A’s hourly rate as of June 30, 2016 is $18.00 per hour. Employee A’s hourly rate on July 1 is calculated in the following manner: • July 1, 2016: (($18.00 x 1.03) + $0.31) x 1.01 = $19.04 per hour • July 1, 2017: ((($18.00 x 1.03) + $0.31) x 1.03) x 1.01 = $19.61 per hour • July 1, 2018: ((((($18.00 x 1.03) + $0.31) x 1.03) x 1.03) + $0.18) x 1.01 = $20.38 per hour

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