Common use of Basic Compensation Increases Clause in Contracts

Basic Compensation Increases. Basic compensation increases shall be 8% in year 1, 5% in year 2 and 5% in year 3 not compounded. The total increase is $7,680,000. The increase is applied to the salary scales according to the following tables: General practice: Current 100,000 105,000 110,000 115,000 120,000 Year 1 108,000 113,400 115,500 120,750 126,000 Year 2 113,000 118,650 124,300 129,950 135,600 Year 3 118,000 123,900 129,800 135,700 141,600 Specialists Salary Range Step 1 Step 2 Step 3 Step 4 Step 5 Current 120,000 126,000 132,000 138,000 144,000 Year 1 126,000 132,300 138,600 144,900 151,200 Year 2 135,600 142,380 149,160 155,940 162,720 Year 3 141,600 148,680 155,760 162,840 169,920 There is no order for a defined work week.