ANNUAL REVIEW OF REMUNERATION RATES Sample Clauses

ANNUAL REVIEW OF REMUNERATION RATES. Any review of remuneration must be sustainable and subject to the limitations of program funding, which provides a significant proportion of the Company’s operations revenue. Protecting jobs will take precedence when considering remuneration increases. With funding constraints in mind, the Company undertakes to adjust the base rates of pay under the Agreement by 1.5% in 2021 and by a minimum of 1% in each subsequent year during the term of the Agreement. Salary increases will apply from the start of the first full pay period in July each year. If circumstances at the time are unfavourable, the Company has the right to communicate and consult with employees about a remuneration freeze for the duration of the unfavourable circumstances. Prior to July each year the Company will review the wage rates of the Agreement for each applicable classification to ensure that the Agreement base rate is at least equivalent to or better off than the equivalent Award classification rate. All red-circled employee wage/salary rates will be reviewed annually, and any increase in red-circled employee wage/salary rates will be at the sole discretion of the Company except where the red-circled wage/salary rate falls below the equivalent Award rate and, in such circumstances, the red-circled wage/salary rate will be increased to the equivalent Award rate.
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Related to ANNUAL REVIEW OF REMUNERATION RATES

  • Annual Review The Board of Directors during the Contract Period shall review annually, or at more frequent intervals which the Board of Directors determines is appropriate, the Executive’s compensation and shall award the Executive additional compensation to reflect the Executive’s performance, the performance of the Company and competitive compensation levels, all as determined in the discretion of the Board of Directors.

  • Performance Reviews The Employee will be provided with a written performance appraisal at least once per year and said appraisal will be reviewed at which time all aspects of the assessment can be fully discussed.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Performance Review Where a performance review of an employee’s performance is carried out, the employee shall be given sufficient opportunity after the interview to read and review the performance review. Provision shall be made on the performance review form for an employee to sign it. The form shall provide for the employee’s signature in two (2) places, one (1) indicating that the employee has read and accepts the performance review, and the other indicating that the employee disagrees with the performance review. The employee shall sign in only one (1) of the places provided. No employee may initiate a grievance regarding the contents of a performance review unless the signature indicates disagreement. An employee shall, upon request, receive a copy of this performance review at the time of signing. An employee’s performance review shall not be changed after an employee has signed it, without the knowledge of the employee, and any such changes shall be subject to the grievance procedure of this Agreement. The employee may respond, in writing, to the performance review. Such response will be attached to the performance review.

  • Annual Base Salary During the Term, the Executive shall receive a base salary at an initial rate of $550,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company, subject to review annually for possible increase, but not decrease, in the Board’s discretion (the “Annual Base Salary”).

  • Vacation Earnings for Partial Years (a) (1) During the first partial year of service a new employee will earn vacation at the rate of one and one-quarter (1¼) days for each month for which he/she earns ten (10) days' pay.

  • Annually 1. SAS 70 report or other internal control reports. If a standard internal control report is not available please provide a description of what controls are in place to prevent things such as rogue trading, trades outside our guidelines or the Fund Account investment objectives, and general violation of the Sub-Adviser’s policies or code of ethics.

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