Vacation Pay Adjustment. As soon as possible following December 31st in each year, a vacation pay adjustment will be made in a lump sum to all employees other than those entitled to an annual percentage of earnings in lieu of vacation, where such employee’s annual basic earnings exclusive of overtime and any other premium payments not normally taken into account in the computation of annual vacation pay exceeds their regular base rate earnings during the year in question. Such cash payments shall reflect the proportionate difference between the actual annual basic earnings and regular base rate of pay applied to the employee’s annual vacation pay for the year in question, but shall not be paid in any case where the total amount payable is less than ten dollars ($10.00).
Appears in 4 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
