Common use of Longevity Benefit Clause in Contracts

Longevity Benefit. Longevity benefits shall be determined on an employee's anniversary date of hire each year. Full-time employees who meet the eligibility requirements in Section 16.2, and who have completed a minimum of five (5) years continuous service with the Employer shall receive longevity benefits calculated on the basis of fifty dollars ($50) for each full year of continuous service, provided, however, the maximum payment allowed under this Section shall be one thousand dollars ($1,000). There shall be no pro rata longevity payment upon an employee's termination for any reason whatsoever.

Longevity Benefit. Longevity benefits shall be determined on an employee's anniversary date of hire each year. FullAll full-time employees who meet the eligibility requirements in Section 16.2, and who have completed a minimum of five (5) years continuous service with the Employer shall receive longevity benefits calculated on the basis of fifty dollars ($5050.00) for each full year of continuous service, provided, however, the maximum payment allowed under this Section shall be one thousand fifteen hundred dollars ($1,0001,500.00). There shall be no pro rata longevity payment upon an employee's termination for any reason whatsoever. Employees hired after January 1, 2006 will receive a maximum payment of one thousand dollars ($1,000.00).

Longevity Benefit. Longevity benefits shall be determined on an employee's ’s anniversary date of hire each year. Full-All full time employees who meet the eligibility requirements in Section 16.2, eligible to receive this benefit and who have completed a minimum of five (5) years years’ continuous service with the Employer shall receive longevity benefits calculated on the basis of fifty dollars Seventy Five Dollars ($5075.00) for each full year of continuous service, provided, however, the maximum payment allowed under this Section shall be one thousand dollars One Thousand Five Hundred Dollars ($1,0001,500.00). There shall be no pro rata longevity payment upon an employee's ’s termination for any reason whatsoever.