Temporary pension allowance Sample Clauses

Temporary pension allowance. Participants in the Philips flex pension scheme on 31 December 2014 who a) were already participants and b) who had an annual salary of €80,000 or more are entitled to a temporary pension allowance. The temporary pension allowance is paid on a monthly basis from 1 January 2015 to 31 December 2021. In 2022, 2023 and 2024 75%, 50% and 25% of this amount will be paid respectively. The temporary pension allowance is determined once according to the following table based on your salary as of 31 December 2014. Temporary gross pension allowance per month on a full-time basis. PG70 PG 80/90 Annual salary Temporary pension allowance Temporary pension allowance ≥€80,000 <€85,000 € 60.00 € 105.00 ≥€85,000 <€90,000 € 95.00 € 145.00 ≥€90,000 <€95,000 € 130.00 € 185.00 ≥€95,000 <€100,000 € 165.00 € 225.00 ≥€100,000 <€105,000 € 200.00 € 265.00 ≥€105,000 <€110,000 € 300.00 ≥€110,000 <€115,000 € 340.00 ≥€115,000 <€120,000 € 380.00 ≥€120,000 € 420.00 Participants in the Philips flex pension scheme on 31 December 2014 who a) were already a participant and b) who had a gross annual salary of less than €80,000 are entitled to a temporary pension allowance the moment their gross annual salary exceeds the €80,000 mark. At that time, the temporary pension allowance will be determined once according to the table and paid out on a monthly basis. The temporary pension allowance will be paid until 31 December 2018. Employees who have become participants in the Philips flex pension scheme with a gross annual salary exceeding €80,000 are entitled to the temporary pension allowance. At the time of participation, the temporary pension allowance will be determined once according to the table and paid out on a monthly basis until 31 December 2018. The annual salary is considered to be 12 times the monthly salary excluding personal budget.
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Related to Temporary pension allowance

  • Retirement Allowance Prior to issuing notice of layoff pursuant to article 9.08(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 9.08(a)(ii). An employee who elects an early retirement option shall receive, following completion of the last day of work, a retirement allowance of two (2) weeks' salary for each year of service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of fifty-two (52) weeks' salary.

  • Annual Allowance The Corporation shall pay to the Executive, in cash, in a lump sum, on the Payment Date an amount equal to two times the annual allowance to which the Executive is entitled as of the date of the Date of Termination (or, if higher, as of immediately prior to the Effective Date).

  • Vacation Allowance Employees in permanent positions are entitled to vacation with pay. Accrual is based upon straight time hours of working time per calendar month of service and begins on the date of appointment to a permanent position. Increased accruals begin on the first of the month following the month in which the employee qualifies. Accrual for portions of a month shall be in minimum amounts of one (1) hour calculated on the same basis as for partial month compensation pursuant to Section 5.6 of this MOU. Vacation credits may be taken in one (1) minute increments but may not be taken during the first six (6) months of employment (not necessarily synonymous with probationary status) except where sick leave has been exhausted; and none shall be allowed in excess of actual accrual at the time vacation is taken.

  • TERMINATION ALLOWANCE In the event of closure of all or part of the Employer’s retail store, which results in the permanent lay-off of any employees, the employer agrees to pay each employee so affected, in accordance with Company policy, the following: • Less than one (1) completed year of service: according to Employment Standards (if any). • A year or more but less than five (5) completed years of service: one (1) week’s pay for each completed year of service. • More than five (5) completed years of service: five (5) weeks for the first five (5) years of service plus one and a half (1.5) weeks per completed year of service for each subsequent year up to a maximum of thirty (30) weeks in total.

  • Meal Allowance A shift worker who works a qualifying shift of eight hours or the rostered shift, whichever is the greater, and who is required to work more than one hour beyond the end of the shift (excluding any break for a meal) shall be paid a meal allowance of $7.95, or, at the option of the employer, be provided with a meal.

  • Separation Allowance 13.01 Should it become necessary to close the plant or a portion of the plant and it is not expected that those affected will be re-employed, a separation allowance will be paid to employees subject to the following:

  • Per Diem Allowance A per diem allowance of seven dollars and thirty-five cents ($7.35) may be claimed for each twenty-four (24) hour period while away from home.

  • CAR ALLOWANCE The Company shall provide the Executive an automobile allowance of $750 per month during the term of Executive’s employment hereunder.

  • Shift Allowance In addition to the wage specified in sub-clause (1), read with sub- clause (12), a normal shift worker shall, in respect of his shift hours worked in any week, be paid an additional 12,5% on such wage.

  • Overtime Meal Allowance ‌ An employee who works two and one-half hours of overtime immediately before or following his/her scheduled hours of work shall receive a meal allowance of seven dollars. One-half hour with pay shall be allowed the employee in order that he/she may take a meal break either at or adjacent to his/her place of work.

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