Common use of Vacation Pay Adjustment Clause in Contracts

Vacation Pay Adjustment. A vacation adjustment shall be paid on or before February 28th to all active full-time employees as of the last pay period ending date of the previous year, calculated as follows: (Gross Earnings X Vacation Pay %) - (Annual Entitlement X Rate of Pay) = Vacation Pay Adjustment Gross Earnings = Gross earnings as reported on the employee’s T4 less: ▪ Taxable Allowances ▪ Previous year vacation pay adjustment ▪ Vacation Pay % = as defined in Article 13.16. ▪ Annual Entitlement = as defined in Article 13.16. Rate of Pay = Employee’s hourly rate as of the last pay period at year end or the termination date. For employees who commenced employment during the year, the vacation pay adjustment shall be prorated based on the number of calendar days in the Company’s employ. Upon termination, all outstanding vacation entitlement will be paid out and a further vacation pay adjustment will be made to adjust for the period from the employee’s accredited service date and their termination date.

Vacation Pay Adjustment. A vacation adjustment shall be paid on or before February 28th to all active full-time employees as of the last pay period ending date of the previous year, calculated as follows: (Gross Earnings X Vacation Pay %) - (Annual Entitlement X Rate of Pay) = Vacation Pay Adjustment Gross Earnings = Gross earnings as reported on the employee’s T4 less: ▪ Xxxxxxxxx, Profitshare, Trades Retention Bonuses and Expenses ▪ Taxable Allowances ▪ Previous year vacation pay adjustment ▪ Vacation Pay % = as defined in Article 13.16. ▪ Annual Entitlement = as defined in Article 13.16. Rate of Pay = Employee’s hourly rate as of the last pay period at year end or the termination date. For employees who commenced employment during the year, the vacation pay adjustment shall be prorated based on the number of calendar days in the Company’s employ. Upon termination, all outstanding vacation entitlement will be paid out and a further vacation pay adjustment will be made to adjust for the period from the employee’s accredited service date and their termination date.

Vacation Pay Adjustment. A vacation adjustment shall be paid on or before February 28th to all active full-time employees as of the last pay period ending date of the previous year, calculated as follows: (Gross Earnings X Vacation Pay %) - (Annual Entitlement X Rate of Pay) = Vacation Pay Adjustment Gross Earnings = Gross earnings as reported on the employee’s T4 less: ▪ Gainshare, Profitshare, Trades Retention Bonuses and Expenses ▪ Taxable Allowances ▪ Previous year vacation pay adjustment ▪ Vacation Pay % = as defined in Article 13.16. ▪ Annual Entitlement = as defined in Article 13.16. Rate of Pay = Employee’s hourly rate as of the last pay period at year end or the termination date. For employees who commenced employment during the year, the vacation pay adjustment shall be prorated based on the number of calendar days in the Company’s employ. Upon termination, all outstanding vacation entitlement will be paid out and a further vacation pay adjustment will be made to adjust for the period from the employee’s accredited service date and their termination date.