Downgrade (Rate of Pay) Sample Clauses

Downgrade (Rate of Pay). An employee who elects to move to a job title at a lower level than the employee’s current job title will receive a ten percent (10%) reduction in pay for each downgrade level. For example, a unit member moving from level C to L would receive a ten percent (10%) downgrade, but a unit member moving from level C to K would receive a twenty percent (20%) downgrade. The dollar amount equivalent of the longevity increases will be applied to the minimum wage for that level. After completion of the thirty-day trial period as defined in Article 25, Section 4, Vacancies & Postings, and after the employee effectively demonstrates the ability to perform all the skills for a given tier, the employee will be eligible to receive the appropriate wage increase. The wage increase for the initial tier move will be retroactive to the effective date on which the employee moved to the lower level. For example, an employee who moves from a job title in Level K to a job title in Level J will receive the minimum rate for Level J, plus the dollar amount equivalent of the employee’s longevity increases, and will be assumed to be at Tier 3. However, after the thirty-day trial period and after the employee effectively demonstrates the ability to perform all the skills for Tier 2, the employee will be eligible to receive the four percent (4%) wage increase. After the employee effectively demonstrates the ability to perform all the skills for Tier 1, the employee will be eligible to receive another four percent (4%) wage increase.
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Related to Downgrade (Rate of Pay)

  • Regular Rate of Pay The regular rate of pay for each position in the bargaining unit shall be in accordance with the rates established for each class provided for in Appendix B. The regular rate of pay shall include any longevity increment required to be paid under this Agreement.

  • Rate of Payment F9.16 While an employee is on a period of purchased leave the employee will be paid at the rate of pay used to calculate the employee’s deduction.

  • Rate of Pay a. An Employee who is employed as a teacher teaching on call shall be paid 1/189 of his/her category classification and experience, to a maximum of the rate at Category 5 Step 7, for each full day worked.

  • Federal Funds Rate Notes If the Interest Rate Basis is the Federal Funds Rate, this Note shall be deemed a “Federal Funds Rate Note.” Unless otherwise specified on the face hereof, “Federal Funds Rate” means: (1) the rate on the particular Interest Determination Date for United States dollar federal funds as published in H.15(519) under the caption “Federal Funds (Effective)” and displayed on Moneyline Telerate (or any successor service) on page 120 (or any other page as may replace the specified page on that service) (“Moneyline Telerate Page 120”); or (2) if the rate referred to in clause (1) does not so appear on Moneyline Telerate Page 120 or is not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on the particular Interest Determination Date for United States dollar federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “Federal Funds (Effective)”; or (3) if the rate referred to in clause (2) is not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the Calculation Agent as the arithmetic mean of the rates for the last transaction in overnight United States dollar federal funds arranged by three leading brokers of United States dollar federal funds transactions in The City of New York (which may include the purchasing agent or its affiliates) selected by the Calculation Agent prior to 9:00 A.M., New York City time, on that Interest Determination Date; or (4) if the brokers so selected by the Calculation Agent are not quoting as mentioned in clause (3), the Federal Funds Rate in effect on the particular Interest Determination Date.

  • Rate of Pay on Promotion 44.3.1 When an employee is appointed by the Council to a higher classification level in the same group, he shall be paid at the nearest rate in the new classification level which gives the employee a salary increase not less than the minimum increment of the higher classification level to which he is being appointed by the Council. If there is no such rate the employee shall be paid the maximum rate in his new scale.

  • Treasury Rate Notes If the Interest Rate Basis is the Treasury Rate, this Note shall be deemed a “Treasury Rate Note.” Unless otherwise specified on the face hereof, “Treasury Rate” means: (1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index Maturity specified on the face hereof under

  • Definition of Regular Straight Time Rate of Pay The regular straight time rate of pay is that prescribed in wage schedule of the Collective Agreement.

  • Alternate Rate of Interest; Illegality (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

  • Alternate Rate of Interest If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

  • Federal Funds Effective Rate For any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by the Agent.

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