Common use of Annual Lump Sum Payments Clause in Contracts

Annual Lump Sum Payments. 1. Any employee with at least one (1) year of completed service as of the Date of Signing (DOS) and each DOS anniversary date (“increase effective dates”) who does not receive a base hourly wage rate increase of at least three percent (3%) compared to their base hourly wage rate that was being paid one (1) year prior to the “increase effective dates” of each contract year will be eligible for a lump sum payment of up to three percent (3%) of his previous calendar year’s paid hours, determined as follows:

Annual Lump Sum Payments. 1. Any employee with at least one (1) year of completed service as of the Date of Signing (DOS) ), and each DOS anniversary date (“increase effective dates”) who does not receive a base hourly wage rate increase of at least three percent per cent (3%) compared to their base hourly wage rate that was being paid one (1) year prior to the “increase effective dates” of each contract year will be eligible for a lump sum payment of up to three percent per cent (3%) of his previous calendar year’s paid hours, determined as follows: