Common use of Vacation Pay Rates and Adjustments Clause in Contracts

Vacation Pay Rates and Adjustments. All employees other than those entitled to an annual percentage of earnings in lieu of vacation, will be paid their annual vacation pay at their respective regular or classified rates of pay. As soon as possible following December 31 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 employees' annual basic earnings exclusive of overtime and any other premium payments not normally taken into account in the computation of annual vacation pay exceeded 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 earnings applied to the employees' annual vacation pay for the year in question, but shall not be paid in any case where the total amount payable is less than one dollar ($1.00). In all cases of terminations of service for any reason other than as provided for in Clause 8.5.4, or death in service, adjustment will be made for any overpayment of vacation. Vacation in the Year of Retirement Any regular employee:

Vacation Pay Rates and Adjustments. All (a) A l l employees other than those entitled to an annual percentage percent- age of earnings in lieu of vacation, will be paid their annual vacation pay at their respective regular or classified rates of pay. As soon as possible following December 31 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 employees' annual basic earnings exclusive of overtime and any other premium payments not normally taken into account in the computation of annual vacation pay exceeded their regular base rate earnings earn- ings during the year in question. Such cash payments shall reflect the proportionate difference between the actual annual basic earnings and regular base rate earnings applied to the employees' annual vacation pay for the year in questionques- tion, but shall not be paid in any case where the total amount payable is less than one dollar ($1.00). In all cases of terminations of service for any reason other than as provided for in Clause 8.5.4, or death in service, adjustment will be made for any overpayment of vacation. Vacation in the Year of Retirement Any regular employee: