Merit Increment definition

Merit Increment means an increase in the rate of pay of an employee within the employee’s pay range which may be granted on the employee’s anniversary date in recognition of satisfactory service.
Sample 1Sample 2Sample 3
Merit Increment shall be defined as the sum representing salary improvement in reward for the level of excellence of an individual's performance.
Sample 1Sample 2Sample 3

Examples of Merit Increment in a sentence

  • Staff re-employed on full-time contract of service will be eligible for performance- based Merit Increment or Annual Increment, and performance bonus based on their endorsed performance grades.

  • The key features of the Merit Increment matrices are as follows - A tiered increment factor will be applied across the various levels.

  • A Faculty member who wishes to be considered for a Merit Increment must complete the relevant portion of the annual report requesting such consideration.

  • Merit Increment decisions will be made by the Vice-President: Academic, in consultation with the or the University Librarian.

  • Staff re-employed on current job schemes i.e. PAX, MSO and TSO will be eligible for performance-based Merit Increment or Annual Increment, and performance bonus based on their endorsed performance grades.

  • When an employee completes apprenticeship training, they will move to: • Class M, Merit Increment #1 for Mechanical Millwright/Machinist and • Class EL, Merit Increment #1 for Electrician/Electronics.

  • For ABI the rate of pay for a completed apprenticeship will move to Class M, Merit Increment #1 for Mechanical Millwright/Machinist and Class EL, Merit Increment #1 for Electrician/Electronics.

  • The Merit Increment will be based on the previous year’s increment, in keeping with Article 1.

  • Merit Increment A monetary addition to base salary for superior performance as defined in Article 25.

  • When an employee completes apprenticeship training, they will move to Class 10C, Merit Increment #1 for Mechanical Millwright/Machinist and 10D, Merit Increment #1 for Electrician/Electronics (Winpak only).

Related to Merit Increment

  • Merit Increase means an increase in the rate of pay of an employee within the employee’s pay range which may be granted in recognition of satisfactory service on the employee’s anniversary date.

  • Incremental Increase has the meaning specified in Section 2.16(a).

  • Commitment Increase has the meaning specified in Section 2.18(a).

  • Incremental Commitment means an Incremental Term Loan Commitment or an Incremental Revolving Facility Commitment.

  • Incremental Facility has the meaning specified in Section 2.16(a).

  • Fixed Incremental Amount shall have the meaning assigned to such term in the definition of “Maximum Incremental Facilities Amount”.

  • Increment means twelve (12) months of service credit which are purchased. The

  • Incremental Cap has the meaning assigned to such term in Section 2.21(a).

  • Bid Incremental value means the minimum amount over and above the last highest bid amount by which any participating Qualified Bidder will be required to increase the next bid on the auction portal;

  • Incremental Commitments has the meaning set forth in Section 2.14(a).

  • Tax Increment means the difference between:

  • Incremental Facility Amendment has the meaning assigned to such term in Section 2.20(f).

  • Commitment Increase Date has the meaning assigned to such term in Section 2.08(e).

  • Incremental Loan has the meaning set forth in Section 2.14(b).

  • Incremental Loans has the meaning assigned to such term in Section 2.22(a).

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).

  • Maximum Incremental Facilities Amount means, at any date of determination, (a) the sum of (i) $500,000,000, plus (ii) an amount such that the Borrower is in Pro Forma Compliance with the Senior Secured Leverage Test (for the avoidance of doubt without netting any cash from the proceeds of any Indebtedness being incurred in reliance on such test and, if applicable, assuming the full amount of any New Revolving Credit Commitments are drawn), plus (iii) amounts used to incur Indebtedness the Net Cash Proceeds of which are substantially concurrently used to refinance or replace Revolving Credit Commitments and/or Term Loans (including any fees, accrued interest or other amounts owing in respect thereof), plus (iv) from and after the 2012 Extension Effective Date, the aggregate principal amount of 2014 Term Loans outstanding as of such date of determination, provided that such additional amounts pursuant to this clause (iv) are only available to the extent such amounts are used to incur Indebtedness the Net Cash Proceeds of which are substantially concurrently used to prepay 2014 Term Loans in accordance with Section 5.1 of this Agreement (such prepaid 2014 Term Loans, “Incremental Facility Prepaid 2014 Term Loans”) plus (v) the Dollar Equivalent principal amount of Term Loans (other than New Term Loans, Incremental Facility Prepaid 2014 Term Loans or Term Loans refinanced or replaced pursuant to clause (iii) above) voluntarily prepaid pursuant to Section 5.1 prior to such date, plus (vi) the amount of all Revolving Credit Commitments that have either been permanently reduced pursuant to Section 4.2 or have otherwise terminated in accordance with the terms of this Agreement after the 2012 Extension Effective Date (without duplication of the amounts incurred pursuant to clause (iii) above) minus (b) the sum of (i) the aggregate principal amount of New Loan Commitments incurred pursuant to Section 2.14(a) prior to such date and (ii) the aggregate principal amount of Permitted Other Indebtedness issued or incurred pursuant to Section 10.1(bb)(i)(a) prior to such date.

  • Incremental Term Facility has the meaning assigned to such term in Section 2.22(a).

  • Maximum Incremental Amount means, at any time, the sum of (a) $1,400.0 million minus the Dollar Equivalent amount (measured at the time of incurrence) of New Term Loans, New Revolving Commitments and Permitted Alternative Incremental Facilities Debt previously established or incurred in reliance on this clause (a) plus (b) the aggregate Dollar Equivalent amount (measured at the time of prepayment or reduction) of Term Loans and Revolving Commitments outstanding on the Closing Date (or established pursuant to clause (a) above) that are optionally prepaid or optionally reduced (other than with the proceeds of long-term Indebtedness (other than borrowings under any revolving credit facility) and other than Revolving Commitments replaced with New Revolving Commitments) following the Closing Date and on or prior to such time (and, in the case of any prepayment of Term Loans pursuant to Section 2.08(d), based on the Dollar Equivalent amount (measured at the time of each applicable prepayment) expended by the Borrowers pursuant to such Section 2.08(d) and not the principal amount) plus (c) an unlimited amount so long as, in the case of this clause (c) only, on a pro forma basis (including the application of proceeds therefrom but excluding any increase in cash and cash equivalents and treating any New Revolving Commitments established pursuant to this clause (c) as fully drawn and all Permitted Alternative Incremental Facilities Debt incurred pursuant to this clause (c) as secured by Liens whether or not actually secured (but without giving effect to any substantially simultaneous incurrence of any New Term Loans, New Revolving Commitments or Permitted Alternative Incremental Facilities made pursuant to the foregoing clauses (a) and (b))), the Consolidated Secured Debt Ratio would not exceed 3.00 to 1.00 (it being understood that the Borrowers shall be deemed to have used amounts under clause (c) (to the extent compliant herewith) prior to utilization of amounts under clause (a) or (b)).

  • Incremental Term Loan Facility has the meaning set forth in Section 2.16(a).

  • Incremental Facilities has the meaning assigned to such term in Section 2.22(a).