Common use of Longevity Stipend Clause in Contracts

Longevity Stipend. All employees who have eleven (11) or more continuous years of service shall receive a longevity stipend calculated by taking two percent (2%) of the employee's current hourly wages and multiplying it by the number of regularly scheduled contract hours per year. All employees who have sixteen (16) or more continuous years of service shall receive a longevity stipend calculated by taking four percent (4%) of the employee's current hourly wages and multiplying it by the number of regularly scheduled contract hours per year. All employees who have twenty-one (21) or more continuous years of service shall receive a longevity stipend calculated by taking seven percent (7%) of the employee's current hourly wages and multiplying it by the number of regularly scheduled contract hours per year. All employees who have twenty-six (26) or more continuous years of service shall receive a longevity stipend calculated by taking nine percent (9%) of the employee’s current hourly wages and multiplying it by the number of regularly scheduled contract hours per year.

Longevity Stipend. All employees who have eleven (11) or more continuous years of service shall receive a longevity stipend calculated by taking two one percent (21 %) of the employee's current hourly wages and multiplying it by the number of regularly scheduled contract hours per year. All employees who have sixteen (16) or more continuous years of service shall receive a longevity stipend calculated by taking four three percent (43%) of the employee's current hourly wages and multiplying it by the number of regularly scheduled contract hours per year. All employees who have twenty-one (21) or more continuous years of service shall receive a longevity stipend calculated by taking seven six percent (76%) of the employee's current hourly wages and multiplying it by the number of regularly scheduled contract hours per year. All employees who have twenty-six (26) or more continuous years of service shall receive a longevity stipend calculated by taking nine percent (9%) of the employee’s current hourly wages and multiplying it by the number of regularly scheduled contract hours per year.