Vacation Pay Adjustments Sample Clauses

Vacation Pay Adjustments. At the end of each reference year, the Company shall calculate the monetary difference, if any, between the vacation pay received as per Article 14.06 and the percentage and amount of vacation pay that an employee may receive as per the thresholds established by the Canada Labour Code while using the Code’s definition of wages earned during the year. Where the vacation pay received as per Article 14.06 is less than that provided by the Code, the excess vacation pay thus identified shall be paid to the employee by January 31st of the subsequent reference year. Where the vacation pay received as per Article 14.06 is equal to or greater than that provided by the Code, no such payment shall be made.
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Vacation Pay Adjustments. For purposes of vacation pay adjustments only, vacation pay is calculated on an employee's total wages for the calendar year in respect of which the vacation time off is earned. Total wages include base wages, commissions, overtime and incentive pay, but excludes payments pursuant to a benefit plan, income replacement plan and vacation pay previously paid. At the end of the calendar year, adjustments (if any) will be made to ensure that all employees receive vacation pay in accordance with their vacation entitlement. The base salary of an employee is $25,000 annually. The employee takes ten (10) days of vacation time and is paid vacation pay during that time. The employee also earns incentive pay of $1,250 in respect of the calendar year. The employee has already received four (4) % of base salary ($1,000) as vacation pay during the ten (10) days’ vacation time off. The vacation pay the employee is entitled to receive for the vacation year is $1,050 (4 % of $26,250). Since the employee has only received $1,000, the employee would receive an additional $50 of vacation pay shortly after the calendar year. The base salary of an employee is $35,000 annually. The employee takes fifteen (15) days of vacation time off and is paid vacation pay equivalent to base salary during that time. The employee also earns incentive pay of $2,000 in respect of the calendar year. The employee has already received six (6)% of base salary ($2,100) as vacation pay during the fifteen (15) days’ vacation time off. In this instance, however, this employee would receive vacation pay on their incentive earnings in accordance with their vacation entitlement of six (6)% equaling $120. (6% of $2,000) thus exceeding the statutory minimum.

Related to Vacation Pay Adjustments

  • Salary Adjustments At any time during the term of this Contract, the Board may, in its discretion, review and adjust the salary of the Superintendent, but in no event shall the Superintendent be paid less than the salary set forth in Section 3.1 of this Contract except by mutual agreement of the two parties. Such adjustments, if any, shall be made pursuant to a lawful Board resolution. In such event, the parties agree to provide their best efforts and reasonable cooperation to execute a new contract incorporating the adjusted salary.

  • Annual Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Vacation Payout Where an employee requests in writing to have a specific number of vacation days paid out, and the Employer agrees to the request, the Employer will issue pay in lieu of vacation. Pay in lieu of vacation, if agreed, will be granted only after a minimum of 15 days' vacation time has already been taken in the year.

  • Salary Adjustment The salary of an employee returning from uncompensated leave shall be adjusted to reflect all non-discretionary increases distributed during the period of leave. While on such leave, an employee shall be eligible to participate in any special salary incentive programs.

  • Vacation Pay Paid Union leaves. All other payments, premiums, allowances etc. are excluded.

  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • SALARY STEP PLAN AND SALARY ADJUSTMENTS Appointments to positions in the City and County service shall be at the entrance rate established for the position except as otherwise provided herein.

  • Annual Adjustment At the end of each Fiscal Year and following receipt by Manager of the annual accounting referred to in Article 10, an adjustment will be made to such annual account, if necessary and if available, so that the appropriate amount shall have been deposited in the Reserve.

  • True-Up Adjustments From time to time, until the Retirement of the Recovery Bonds, the Servicer shall identify the need for True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:

  • Salary Deductions Salaried employees (E-level classifications) who are permanently assigned to full-time job classifications are paid on a bi-weekly salary basis. Salaried employees are paid a bi-weekly salary based on a minimum of two (2) forty (40) hour workweeks. The bi-weekly salary received by salaried employees will not be reduced regardless of the number of hours the salaried employee actually works in any week in which the salaried employee performs any work except for the following deductions: (A) Deductions from a salaried employee's salary may be made for any workweek in which the salaried employee performs no work. (B) Deductions from a salaried employee's salary may be made when the employee absents himself from work for a full day or days for personal reasons, other than sickness or accident. This provision shall not prevent appropriate deductions from being made from any employee's vacation leave balance pursuant to Article 11 of this Agreement for absences of less than a day for personal reasons, other than sickness or accident. (C) Deductions from an employee's salary may be made when a salaried employee absents himself from work for a day (or days) for sickness or accident disability in accordance with the provisions of Articles 13 and 14 of this Agreement. (D) Deduction in a salaried employee's salary may be made for the initial or terminal week of the salaried employee if the salaried employee fails to work the entire workweek.

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