Common use of Annual Payment Clause in Contracts

Annual Payment. The employee who has been employed the whole year in the previous financial year receives an annual payment, unless in the opinion of the employer the operating results do not allow this. The annual payment is 1/12 of the fixed annual salary. In the event of early commencement of employment, early retirement, part-time employees or when part of the financial year has been worked, this payment is pro rata. If the employee is entitled to any staff, profit-sharing or other bonus the annual payment is set off against this. This annual payment is deemed to be part of it.

Annual Payment. The employee who has been was employed the whole for a full year in the previous financial year receives an annual payment, unless in the opinion of the employer the operating results do not allow this. The annual payment is 1/12 of the fixed annual salary. In the event of early commencement of employment, early retirement, part-time employees or when part of the financial year has been worked, this payment is pro rata. If the employee is entitled to any staffa gratuity, bonus and/or profit-sharing or other bonus sharing, the annual payment is set off against this. This annual payment is deemed to be part of it.