Longevity Increase Clause Samples
The Longevity Increase clause establishes a mechanism for adjusting certain terms or benefits in a contract based on increases in life expectancy. Typically, this clause is used in pension or annuity agreements, where payments to beneficiaries may be recalculated if average lifespans rise, ensuring that payouts remain actuarially fair over time. Its core function is to manage the financial risk associated with longer-than-expected lifespans, thereby protecting both parties from unforeseen longevity trends.
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Longevity Increase. A longevity pay increase shall be paid to Department Head. An increase shall require written request by the Department Head and verification of service by the County Human Resources Director. A Department Head shall be eligible for longevity pay when they have served five (5) years at step 5 or a flat rate salary and upon each five (5) year anniversary thereafter. The increase shall be 2½% for each five year period. The Department Head further agree to continue to meet and confer with the County to develop an equitable system for determining longevity pay based on merit.
Longevity Increase. Upon an employee’s fifteenth (15th) anniversary of employment with the County, as computed through the SAD process above, the employee will receive a longevity step increase to 1.35% of base salary.
Longevity Increase. All employees will progress to Step M six (6) years after being assigned to Step L in their permanent salary range. The Employer may increase an employee’s step to Step M to address issues related to recruitment, retention or other business needs.
Longevity Increase. Longevity increases shall become effective at the beginning of the first full payroll period on the completion of twelve (12) months of service from the nurse’s last increase.
Longevity Increase. In addition to the salary schedule as provided in Appendix E, teachers who have completed seventeen (17) years of experience shall receive an increase in salary of one (1) percent of the previous year's salary in each column. The increase of one (1) percent per year of the previous year’s salary in each column shall continue through thirty (30) years of experience.
Longevity Increase. Each year, each employee who reaches his/her 20th through 24th anniversary of employment shall on their anniversary date receive a lump sum longevity bonus payment equivalent to a one (1) percent annual base salary increase; those reaching their 25th or greater anniversary, a similar lump sum longevity bonus payment the equivalent of two (2) percent annual base salary increase.
Longevity Increase. Teachers who have been at the last step in the Masters’ Column for two years will have the following amount of money added to their salaries: Master’s Column Step 11-4: 0.4% Master’s Column + 15 Step 13-5: 0.5% Master’s Column + 30 Step 13-6: 0.75%
Longevity Increase. Employees shall receive as an addition to the base pay provided for herein and in the attached schedules, longevity amounts calculated as follows: Beginning on the 10th anniversary of the date of hire, and on each 5th anniversary thereafter, the amount of eighty cents ($0.80) per hour. Such longevity amounts shall be accumulative.
Longevity Increase. Consolidated to Section 11.06 ARTICLE 12 – OVERTIME, COMP TIME, CALLBACK AND STANDBY
Longevity Increase. 1st Longevity Increase Status NTT faculty members who have attained ten (10) years of service as determined by the methodology outlined in Article 12 will be provided a $150 per month increase at the beginning of the following semester. Effective January 1, 2023, the 1st Longevity increase amount will be $175/month; status NTT faculty members who received their 1st Longevity increase prior to January 1, 2023, will receive a $25/month increase effective January 1, 2023. 2nd Longevity Increase Status NTT faculty members who have attained fifteen (15) years of approved service as determined by the methodology outlined in Article 12 will be provided a $100 per month increase at the beginning of the following semester. Effective January 1, 2024, the 2nd Longevity increase amount will be $125/month; status NTT faculty members who received their 2nd Longevity increase prior to January 1, 2024, will receive a $25/month increase effective January 1, 2024. Longevity increases will be prorated to the amount of time contracted and added to monthly salaries before implementation of any applicable salary increase provided for in Section 18.01.