Annual Cash Out of Sick Leave Sample Clauses

Annual Cash Out of Sick Leave. 1. Once annually during the fiscal year, a unit employee shall be granted the option of cashing out the declared accumulated sick leave at their base salary for the next calendar year according to the following schedule:
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Annual Cash Out of Sick Leave. Once annually during the fiscal year, an employee shall be granted the option of cashing out accumulated sick leave at base salary according to the following schedule: % Value Sick Leave Hours in Excess Years of Service 20% of the sick leave value In excess of 240 sick leave hours 5 years 25% of the sick leave value In excess of 240 sick leave hours 6 years 30% of the sick leave value In excess of 240 sick leave hours 7 years 35% of the sick leave value In excess of 240 sick leave hours 8 years 40% of the sick leave value In excess of 240 sick leave hours 9 years or more
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Related to Annual Cash Out of Sick Leave

  • Amount of Sick Leave (a) Full-time Employees - Full-time employees shall accumulate sick pay credits at the rate of one and a half (1-1/2) days per month for each calendar month of service up to a maximum credit of 240 days. The Parties agree that full-time employees will not accumulate sick leave credits during the separation period during July and August.

  • Sick Leave Cash Out Eligible employees may elect to receive monetary compensation for accrued sick leave as follows: In January of each year an employee whose sick leave balance at the end of the previous year exceeds four hundred eighty (480) hours may elect to convert the sick leave hours earned in the previous calendar year, minus those hours used during the year, to monetary compensation. No sick leave hours may be converted which would reduce the calendar year end balance below four hundred eighty (480) hours. Monetary compensation shall be paid at the rate of twenty-five percent and shall be based on the employee’s current salary. All converted hours will be deducted from the sick leave balance. Employees who separate from University service due to retirement or death shall be compensated for the unused sick leave accumulation from the date of most recent hire in a leave eligible position with the State of Washington at the rate of 25%. Compensation shall be based upon the employee’s wage at the time of separation. For the purpose of this section, retirement shall not include vested out of service employees who leave funds on deposit with the retirement system. Former eligible employees who are re-employed within three (3) years of their separation from service shall be granted all unused sick leave credits, if any, to which they are entitled at time of separation.

  • Annual Paid Sick Leave Eighteen (18) days sick leave per year shall be earned by all full-time employees at the rate of one and one-half days for every month or part thereof that an employee is employed in such year provided that no sick leave shall be earned in any calendar month during which the employee is employed for less than ten (10) days.

  • Sick Leave Annual Cash Out Each January an employee is eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if:

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