The Retirement Gratuity Plan Calculation. (i) The total percentage credit in an employee's account. (ii) The highest annual salary during the five years prior to retirement. Example: A. Teacher with 50 percent credit accumulation and salary of $80,000. at retirement: $80,000. x 50 = $40,000. 100 B. Teacher with 20 percent credit accumulation and salary of $16,000. at retirement: $80,000. x 20 = $16,000. 100
Appears in 2 contracts
Samples: Collective Agreement, Collective Agreement
The Retirement Gratuity Plan Calculation. (i) The total percentage credit in an employee's account.;
(ii) The highest annual salary during the five years prior to retirement. Example:.
A. Teacher with 50 percent credit accumulation and salary of $80,000. at retirement: $80,000. x 50 = $40,000. 100
B. Teacher with 20 16.5 percent credit accumulation and salary of $16,000. 16,000 at retirement: $80,000. 16,000 x 20 16.5 = $16,000. 1002,640
Appears in 1 contract
Samples: Collective Agreement
The Retirement Gratuity Plan Calculation. (i) i. The total percentage credit in an employee's account.;
(ii) . The highest annual salary during the five years prior to retirement. Example:
A. Teacher with 50 percent credit accumulation and salary of $80,000. 80,000 at retirement: $80,000. 80,000 x 50 50/100 = $40,000. 100
B. Teacher with 20 percent credit accumulation and salary of $16,000. 80,000 at retirement: $80,000. 80,000 x 20 20/100 = $16,000. 100
Appears in 1 contract
Samples: Collective Agreement
The Retirement Gratuity Plan Calculation. (i) The total percentage credit in an employee's account.
(ii) The highest annual salary during the five years prior to retirement. Example:
A. Teacher with 50 percent credit accumulation and salary of $80,00016,000. at retirement: $80,000. 16,000 x 50 = $40,0008,000. 100
B. Teacher with 20 16.5 percent credit accumulation and salary of $16,000. at retirement: $80,000. 16,000 x 20 16.5 = $16,0002,640. 100
Appears in 1 contract
Samples: Collective Agreement
