Common use of Vacation Pay Adjustments Clause in Contracts

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.

Vacation Pay Adjustments. At the end of each reference year, the Company shall calculate the monetary differencemonetarydifference, 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 definitionof 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.