Common use of VACATION & HOLIDAY PAY Clause in Contracts

VACATION & HOLIDAY PAY. SECTION 1. Every Employer signatory to this Agreement hereby agrees to deduct from the taxable/net wage of any employee, employed by such Employer during the terms of this Agreement, Vacation/Holiday Pay in the amount specified in the Wage Schedule A and to remit said amount in the following manner: (a) Upon signing of this Agreement, the Union will notify the Employer in writing of the amount of Vacation/Holiday Pay specified in the Wage Schedule A. (b) For each payroll period, the Employer will deduct from the taxable/net wage of each employee the amount specified in the Wage Schedule A based on the number of hours worked during said payroll period and will accumulate said deduction to the end of the month. Vacation/Holiday pay shall be deducted and paid on all hours worked. First and Second Period Apprentices shall have no Vacation/Holiday pay deducted from their taxable/net wage. Third through Sixth Period Apprentices shall have Vacation/Holiday pay deducted at the same percentage as their wage compared to a journeyman. (c) On or before the fifteenth (15th) day of each month, the Employer will remit to the current Administrator the entire amount of Vacation/Holiday Pay due and owing as to each employee for the month previous. (d) The parties agree that, contributions to the Holiday and Vacation Fund shall be transmitted to the current administrator who thereupon will deposit the money in the bank. These contributions shall be made to a bank in the name of each individual worker and the bank shall set individual accounts for each employee. Interest on the accounts shall be paid to the employee.

VACATION & HOLIDAY PAY. SECTION 1. Every Employer signatory to this Agreement hereby agrees to deduct from the taxable/net wage of any employee, employee employed by such Employer during the terms of this Agreement, Vacation/Holiday Pay in the amount specified in the Wage Schedule A and to remit said amount in the following manner: (a) Upon signing of this Agreement, the Union will notify the Employer in writing of the amount of Vacation/Holiday Pay specified in the Wage Schedule A. (b) For each payroll period, the Employer will deduct from the taxable/net wage of each employee the amount specified in the Wage Schedule A based on the number of hours worked during said payroll period and will accumulate said deduction to the end of the month. Vacation/Holiday pay shall be deducted and paid on all hours worked. First and Second Period Apprentices shall have no Vacation/Holiday pay deducted from their taxable/net wage. Third through Sixth Period Apprentices shall have Vacation/Holiday pay deducted at the same percentage as their wage compared to a journeyman. (c) On or before the fifteenth (15th) day of each month, the Employer will remit to the current Administrator the entire amount of Vacation/Holiday Pay due and owing as to each employee for the month previous. (d) The parties agree that, contributions to the Holiday and Vacation Fund shall be transmitted to the current administrator who thereupon will deposit the money in the bank. These contributions shall be made to a bank in the name of each individual worker and the bank shall set individual accounts for each employee. Interest on the accounts shall be paid to the employee.