Common use of Longevity Payment Clause in Contracts

Longevity Payment. Longevity is defined as the length of continuous service with the Oakridge Public Schools, irrespective of job classification. Longevity will be prorated as follows: First payment to be made last pay in June following 10th anniversary date. Anniversary Date - July 1 - Jan. 30 = full year earned Anniversary Date - Jan. 30 - June 30 = 1/2 year earned 10 to 15 years of service 4% 16 to 20 years of service ---- 4.5% 21 years and over -- 5.25% Longevity will be computed on an individual's base rate, (hourly wage) x total number of regular hours worked, including holidays and vacations, per year x appropriate percentage listed above. (2,080 hrs. = 12 month sec. and actual hours worked for a 10 month sec.) In the event of termination (re: illness, retirement) the employee's longevity will be figured on the employee's base rate x the number of hours earned to date of termination x the longevity percentage of the agreement. The school fiscal year of July 1 to June 30 will be used with payment in the last paycheck in June. Individuals will become eligible for longevity payment the year following the completion of ten (10) years of service. To qualify for a year's experience, a person shall have worked a minimum of six months.

Longevity Payment. Longevity is defined as the length of continuous service with the Oakridge Public Schools, irrespective of job classification. Longevity will be prorated as follows: First payment to be made last pay in June following 10th anniversary date. Anniversary Date - July 1 - Jan. 30 = full year earned Anniversary Date - Jan. 30 - June 30 = 1/2 year earned 10 to 15 years of service 4% 16 to 20 years of service ---- 4.5% 21 years and over -- 5.25% Longevity will be computed on an individual's base rate, (hourly wage) x total number of regular hours worked, including holidays and vacations, per year x appropriate percentage listed above. (2,080 hrs. = 12 month sec. and actual hours worked for a + 10 month sec.) In the event of termination (re: illness, retirement) the employee's longevity will be figured on the employee's base rate x the number of hours earned to date of termination x the longevity percentage of the agreement. The school fiscal year of July 1 to June 30 will be used with payment in the last paycheck in June. Individuals will become eligible for longevity payment the year following the completion of ten (10) years of service. To qualify for a year's experience, a person shall have worked a minimum of six months.