Common use of LETTER OF UNDERSTANDING VACATION PAY OPTION Clause in Contracts

LETTER OF UNDERSTANDING VACATION PAY OPTION. The parties agree that due to technological limitations the current system that allows employees to a one time election to receive their vacation pay on each bi-weekly pay or to have vacation pay paid out when they take vacation will continue for the duration of this contract. However, should the Corporation acquire software, during the term of this collective agreement, which eliminates these limitations the parties agree that they will implement a system that allows employees to alter their vacation pay option no more than once per two (2) year period. Added – June 3, 2019

LETTER OF UNDERSTANDING VACATION PAY OPTION. The parties agree that due to technological limitations the current system that allows employees to a one time election to receive their vacation pay on each bi-weekly pay or to have vacation pay paid out when they take vacation will continue for the duration of this contract. However, should the Corporation acquire software, during the term of this collective agreement, which eliminates these limitations the parties agree that they will implement a system that allows employees to alter their vacation pay option no more than once per two (2) year period. Added – June 3, 2019.

LETTER OF UNDERSTANDING VACATION PAY OPTION. The parties agree that due to technological limitations the current system that allows employees to a one time election to receive their vacation pay on each bi-weekly pay or to have vacation pay paid out when they take vacation will continue for the duration of this contract. However, should the Corporation acquire software, during the term of this collective agreement, which eliminates these limitations the parties agree that they will implement a system that allows employees to alter their vacation pay option no more than once per two (2) year period. Added – June 3, 20192019 Renewed – February 16, 2023