4% Longevity Premium Sample Clauses

The 4% Longevity Premium clause establishes an additional payment or benefit, typically amounting to 4% of a specified base amount, that is provided in recognition of longevity—such as the duration of a contract, employment, or service. This premium is usually triggered after a certain period has elapsed or upon meeting predefined longevity criteria, and may be paid as a lump sum or as part of ongoing compensation. Its core practical function is to incentivize long-term commitment and reward sustained participation, thereby encouraging retention and reducing turnover.
4% Longevity Premium. From the start of the one hundred eighty-first (181st) full month to and including the two hundred fortieth (240th) full month of continuous employment, permanent employees shall be paid a longevity premium of four percent (4%).
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Related to 4% Longevity Premium

  • Holiday Premium Pay A Nurse working on a recognized Holiday is entitled to the following compensation for any hours worked on the calendar date of the recognized Holiday: A. A Full-Time or Part-Time Nurse who is regularly scheduled to work on a recognized Holiday shall be paid at the rate of one and one-half times (1.5 x) the Nurse’s regular rate of pay; or B. A Nurse who works overtime (as defined in Article 7.07) on a recognized Holiday shall be paid at the rate of two times (2 x) the Nurse’s regular rate of pay for the overtime worked.

  • Night Premium For all time worked by employees, after 7 p.m. and before 7 a.m., by employees hired on or before August 5, 2005, a premium of twenty-five cents (25¢) per hour shall be paid.

  • Single Premium Credit Life Insurance None of the proceeds of the Mortgage Loan were used to finance single-premium credit life insurance policies.

  • Overtime and Premium Pay A nurse shall be paid at the rate of one and one- half (1½) times the nurse’s regular hourly rate of pay for all hours worked in any one category listed below, including statutory overtime pay under 9.4.1 or premium pay under 9.4.2 through

  • Shift Premium Effective July 1, 2020, an employee shall be paid a shift premium of ninety-five cents (95c/ ) per hour for each hour worked between 1500 hours and 0700 hours provided that such hours exceed two (2) hours if worked in conjunction with the day shift.