SICK TIME BUYBACK Sample Clauses

SICK TIME BUYBACK. 24.1 In order to provide an incentive for employees to accumulate and maintain an adequate amount of sick leave, the City has initiated a "sick day buyback plan". Under this plan employees who do not use sick days will be compensated by the City purchasing back some of the days not used that were earned in the relevant year. Buy-back Example:
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SICK TIME BUYBACK. Any officer that has accrued a minimum of seventy-five (75) sick days may sell back any balance above seventy-five (75) days not to exceed $5,000 per year. Request for buy back must be submitted by September 1st of that year. Payment will be made in the first regular pay ofNovember. The rate of pay will be at seventy-five percent (75%) per day.
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Related to SICK TIME BUYBACK

  • Sick Time An employee shall have all of his/her accrued sick leave credits transferred when the employee is transferred to a different State agency.

  • Sick Leave Buy Back To encourage and reward employees who maintain good job attendance, the parties agree to the following incentive award: Employees who utilize two (2) sick leave days or less each assigned school calendar year and year-round employees who utilize three (3) sick leave days or less during each assigned school calendar year - upon request – shall receive payment for up to eight (8) days of sick leave, provided the employee worked the full assigned calendar year.* The following procedures apply to the payment of sick leave under this section. 1. An employee must have a minimum of twenty-five (25) days of accumulated sick leave remaining after the payment for unused sick leave under this section. 2. The payment of this incentive shall be paid to eligible employees no later than October 31st of the school year following the school year in which the employee qualified for the incentive pay. 3. For purposes of this section, sick leave shall be defined pursuant to all sections of F.S.1012.61. 4. Days for which such award payment is received shall be deducted from the accumulated leave balance. 5. Payment shall be equal to the number of eligible days times the affected employees daily rate of base pay times eighty percent (80%).

  • Paid Time Off (PTO) Executive shall earn and accrue paid-time-off covering vacation and sick time benefits at the rate of twenty (20) days per year for employment periods of up to five years of service. The PTO accrual rate shall automatically increase by five (5) additional days for each additional 5 years of service up to maximum of thirty (30) days per year after 10 years of service. For example, after five years of service, the annual PTO accrual rate shall increase to twenty-five (25) days. Unused PTO shall carry over to the next year, but Executive shall cease accruing further PTO at any time Executive has accrued two times his annual accrual rate. Unused PTO days which are not in excess of two-times the annual accrual rate shall be paid in a cash lump sum payment promptly after Executive’s termination of employment.

  • Prime Time Vacation Period Subject to the provisions of this article, it is the intent of the parties that no employee will be restricted in the time of year they choose to take their vacation. The Employer will make every effort to allow employees to take their vacation during the period of April 15th to October 15th inclusive, which will be defined as the prime time vacation period.

  • Vacation; Paid Time Off During the Employment Term, the Executive shall be entitled to fifteen (15) paid vacation days per calendar year (prorated for partial years) in accordance with the Company’s vacation policies, as in effect from time to time that is at least as favorable as that provided to other similarly situated executives of the Company. The Executive shall receive other paid time-off in accordance with the Company’s policies for executive officers as such policies may exist from time to time.