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. All full-time employees 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 ($50.00) for each full year of continuous service, provided, however, the maximum payment allowed under this Section shall be fifteen hundred dollars ($1,500.00). There shall be no pro rata longevity payment upon 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 anniversary date of hire each year. All fullFull-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 ($50.0050) for each full year of continuous service, provided, however, the maximum payment allowed under this Section shall be fifteen hundred one thousand dollars ($1,500.001,000). 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. All full-full time employees 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 ($50.0075.00) for each full year of continuous service, provided, however, the maximum payment allowed under this Section shall be fifteen hundred dollars One Thousand Five Hundred Dollars ($1,500.00). There shall be no pro rata longevity payment upon an employee's ’s termination for any reason whatsoever. Employees hired after January 1, 2006 will receive a maximum payment of one thousand dollars ($1,000.00).