Long Service Bonus. 23.01 For the period of this Agreement, the Company will continue payment of a Long Service Bonus, which it voluntarily granted many years ago. The bonus is payable to employees who have completed twenty-five (25) years of service. This bonus shall hereafter be determined by adding the employee's total earnings during his last five (5) full calendar years of employment (after excluding calendar years in which the employee suffered loss of earnings due to illness, layoff, etc.) immediately prior to completion of the qualifying number of years, and dividing the total by five (5) and the resulting figure by four (4). Such bonus shall not exceed $1,500.
Appears in 2 contracts
Samples: Labour Agreement, Labour Agreement
Long Service Bonus. 23.01 For the period of this Agreement, the Company will continue payment of a Long Service Bonus, which it voluntarily granted many years ago. The bonus is payable to employees who have completed twenty-five (25) years of service. This bonus shall hereafter be determined by adding the employee's total earnings during his last five (5) full calendar years of employment (after excluding calendar years in which the employee suffered loss of earnings due to illness, layoff, etc.) immediately prior to completion of the qualifying number of years, and dividing the total by five (5) and the resulting figure by four (4). Such bonus shall not exceed $1,500.five
Appears in 1 contract
Samples: Labour Agreement
Long Service Bonus. 23.01 For the period of this Agreement, the Company will continue payment of a Long Service Bonus, which it voluntarily granted many years ago. The bonus is payable to employees who have completed twenty-five (25) years of service. This bonus shall hereafter be determined by adding the employee's total earnings during his last five (5) full calendar years of employment (after excluding calendar years in which the employee suffered loss of earnings due to illness, layoff, etc.) immediately prior to completion of the qualifying number of years, and dividing the total by five (5) and the resulting figure by four (4). Such bonus shall not exceed $1,500.five
Appears in 1 contract
Samples: Labour Agreement