Common use of Longevity Bonus Payments Clause in Contracts

Longevity Bonus Payments. A full-time employee who was hired and has been in the continuous employ of the Employer since on or before December 17, 1996, shall receive an annual longevity bonus payment (not to be added to base salary) on the first payroll following the annual anniversary of his date of hire, as follows: Upon the completion of five (5) years full-time continuous service: 2% of annual base salary Upon the completion of ten (10) years full-time continuous service: 3.5% of annual base salary Upon the completion of fifteen (15) years full-time continuous service: 4.5% of annual base salary Upon the completion of twenty (20) years full-time continuous service: 5.5% of annual base salary Upon the completion of twenty-two (22) years full-time continuous service: 7% of annual base salary