Longevity Differential Sample Clauses

The Longevity Differential clause defines how differences in actual versus expected lifespan are addressed within an agreement, typically in the context of pension or insurance contracts. It sets out the method for measuring and adjusting for variations in longevity, such as by referencing actuarial tables or agreed benchmarks, and may specify financial adjustments or risk-sharing mechanisms if participants live longer or shorter than anticipated. This clause's core function is to allocate the financial risk associated with uncertain life expectancy, ensuring that parties are protected from significant losses or gains due to unexpected changes in longevity.
Longevity Differential. Permanent, full-time and part-time employees who have completed ten (10) years of Contra Costa County service will receive a two and one-half percent (2.5%) longevity differential effective on the first day of the month following the month in which the employee qualifies for the ten (10) year service award.
Longevity Differential. The longevity differential for Medical Laboratory Technicians will be thirty cents ($0.30) per hour after ten (10) years of service with the Employer and forty cents ($0.40) per hour after fifteen
Longevity Differential. Effective July 1, 2023, Unit members who are at the top step within their respective classification level for a period of twenty-four (24) months shall receive a 6% longevity differential to the base pay effective July 1st after completing 24 months. Unit members who have served within the unit for 12 or more years shall also receive a 6% longevity differential increase to their base pay effective July 1st after completing the 12th year.
Longevity Differential. A teacher who is in his/her second year on the maximum step of a column and who has completed a full 10 years of consecutive service at Minuteman will receive a longevity payment beginning in their 11th year based upon the schedule below. a. Longevity Payments will be made according to this schedule: (1) Upon completion of 10 consecutive years of service = $3150 total (2) Upon completion of 15 consecutive years of service = $3650 total (3) Upon completion of 20 consecutive years of service = $4150 total (4) Upon completion of 25 consecutive years of service = $4650 total
Longevity Differential. A. Prior to July 12, 1997: Employees who have completed 62,401 of County Service Hours shall be paid a Longevity Differential of 3.0% of their base hourly rate.
Longevity Differential. BCCHS will continue paying a three (3%) percent hourly wage differential to employees who have completed ten (10), fifteen (15), and twenty (20) years of service with BCCHS. The following conditions shall apply: 8.5.1 The employee must have worked at least seventy-five (75%) percent of total number of workdays in his or her assigned basis for that school year (from July 1 to June 30). 8.5.2 Employment outside of BCCHS is not considered for longevity. Prior services credit for step placement on the classified salary schedule is separate and distinct from the service date for longevity. 8.5.3 As the sole exception to Section 8.5.2, for purposes of calculating longevity, credit for up to three (3) years of prior service with LAUSD at Birmingham will be given for employees who, on June 30, 2009, transitioned directly from employment with LAUSD at Birmingham to employment with BCCHS as an independent charter school without a break in service. For all other classified staff hired on or after July 1, 2009, their initial hire date (first day of work) will be used to calculate years of service for purposes of qualifying for the longevity differential. 8.5.4 Longevity status begins on the first day of the fiscal year following completion of the required ten (10) years of service, as provided above. 8.5.5 Separation from BCCHS for a period of less than twelve (12) months shall not be considered a break in service to qualify for or continue qualifying for longevity.
Longevity Differential. Employees who have completed 52,000 hours (equivalent to approximately 25 years of full-time employment) shall be paid a Longevity Differential of 3.0% of their base hourly rate.
Longevity Differential. Upon completion of three continuous years of service, a full-time employee will receive a longevity differential of $0.65 per hour added to the base wage.
Longevity Differential. Employees who have the following years of seniority will be paid the rate shown above the hourly rate for each year as indicated below. Effective 7-1-22 Effective 7-1-23 Employees who have 7 or more years of service $ .43 $ .44 Employees who have 10 or more years of service $ .57 $ .58 Employees who have 15 or more years of service $1.01 $1.04 Common longevity date, effective July 1, 2022: effective July 1, 2022, July 1 of each year shall be the common longevity date shared by all unit employees. July 1 will replace the previous longevity date. Rules governing the transition between longevity dates are as follows: • On July 1, 2022, employees hired on or before June 30, 2022, will have a revised longevity date of July 1of the fiscal year of their current longevity date. Employees eligible for longevity prior to July 1, 2022, will receive longevity earned from their current longevity date to July 1 2022. • Effective July 1, 2022, and each fiscal year thereafter, new employees hired on or after July 1, and before January 1, will have a longevity date of July 1 of the calendar year in which they were hired. • Effective July 1, 2022, and each fiscal year thereafter, new employees hired on or after annuary 1, and before July 1, will have a longevity date of July 1 of the calendar year in which they were hired.
Longevity Differential. Employees who have 7 or more years of seniority will be paid 41 cents per hour more than the regular hourly rate set forth in Article 5, Section 1 for 2020-2021 and 42 cents per hour more for 2021-2022. Employees who have 10 or more years of seniority will be paid 55 cents per hour more than the hourly rate set forth in the Article 5, Section 1 for 2020-2021 and 56 cents per hour more for 2021-2022. Employees who have 15 or more years of seniority will be paid 97 cents per hour more than the hourly rate set forth in Article 5, Section 1 for 2020-2021 and 99 cents per hour more for 2021-2022.