Calculation of Part Month's Salary Sample Clauses

The 'Calculation of Part Month's Salary' clause defines how an employee's salary is determined when they work only a portion of a month, such as when joining or leaving employment mid-month. Typically, this involves prorating the monthly salary based on the actual number of days worked compared to the total days in that month. This clause ensures that both employer and employee have a clear and fair method for calculating pay in situations where a full month's work is not completed, thereby preventing disputes and ensuring transparency in payroll practices.
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Calculation of Part Month's Salary. When it is necessary to calculate a part of a month's salary, or in any case concerning pay due or deducted from an employee working on a monthly rate, such pay shall be computed by computing the actual weekly regular hours to an average monthly hours, multiplying by the number of days worked in the month, dividing by the total number of working days in the month inclusive of holidays, then multiplying by the hourly rate. For employees employed on an hourly basis, the hourly rate will be computed by multiplying the regular monthly rate by twelve (12) months, dividing by fifty-two (52) weeks, then dividing by the normal hours of work per week.
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Calculation of Part Month's Salary. When it is necessary to calculate a part of a month’s salary, or in any case concerning pay due or deducted from an employee working on a monthly rate, such pay shall be computed by computing the actual weekly regular hours to an average monthly hours, multiplying by the number of days worked in the month, dividing by the total number of working days in the month inclusive of holidays, then multiplying by the hourly rate.
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Related to Calculation of Part Month's Salary

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

  • Change of Control Benefit Upon a Change of Control, the Company shall pay to the Executive the benefit described in this Section 2.4 in lieu of any other benefit under this Agreement.

  • Annual Compensation The Executive’s “Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year immediately preceding the year in which the Date of Termination occurs.

  • Year of Service An Employee must complete at least Hours of Service during a Vesting Computation Period to receive credit for a Year of Service under Article V. [Note: The number may not exceed 1,000. If left blank, the requirement is 1,000.]