Common use of Market Adjustments Clause in Contracts

Market Adjustments. Where a classification has been identified by the Library as being behind market and/or such class has been difficult to recruit for or to retain Employees in, the Library may, after consultation with the Association, temporarily increase the rate of pay for the classification by up to two pay grades (or its percentage equivalent). These temporary adjustments do not alter the rate of pay for the classifications in Schedule “A”. Such temporary increases will be reviewed by the Library annually on July 31st or such other date as mutually agreed between the parties. Upon such annual review, if the rate of pay for a classification is found to be above market then the rate of pay for the classification may be adjusted by the Library to reflect the new market conditions but in no case will the rate of pay be adjusted below the rate of pay shown in Schedule “A”. Those Employees who would be adversely affected by such an adjustment shall remain at their current rate until such time as normal increments and/or general negotiated increases result in a rate that matches or exceeds the Employee’s current rate, at which time Employees shall again become eligible for increments and subsequent general increases.

Market Adjustments. Where a classification has been identified by the Library Board as being behind market and/or such class has been difficult to recruit for or to retain Employees in, the Library Board may, after consultation with the Association, temporarily increase the rate of pay for the classification by up to two (2) pay grades (or its percentage equivalent). These temporary adjustments do not alter the rate of pay for the classifications in Schedule “A”. Such temporary increases will be reviewed by the Library Board annually on July 31st or such other date as mutually agreed between the parties. Upon such annual review, if the rate of pay for a classification is found to be above market then the rate of pay for the classification may be adjusted by the Library Board to reflect the new market conditions but in no case will the rate of pay be adjusted below the rate of pay shown in Schedule “A”. Those Employees who would be adversely affected by such an adjustment shall remain at their current rate until such time as normal increments and/or general negotiated increases result in a rate that matches or exceeds the Employee’s current rate, at which time Employees shall again become eligible for increments and subsequent general increases.

Market Adjustments. Where a classification has been identified by the Library Board as being behind market and/or such class has been difficult to recruit for or to retain Employees in, the Library Board may, after consultation with the Association, temporarily increase the rate of pay for the classification by up to two pay grades (or its percentage equivalent). These temporary adjustments do not alter the rate of pay for the classifications in Schedule “A”. Such temporary increases will be reviewed by the Library Board annually on July 31st or such other date as mutually agreed between the parties. Upon such annual review, if the rate of pay for a classification is found to be above market then the rate of pay for the classification may be adjusted by the Library Board to reflect the new market conditions but in no case will the rate of pay be adjusted below the rate of pay shown in Schedule “A”. Those Employees who would be adversely affected by such an adjustment shall remain at their current rate until such time as normal increments and/or general negotiated increases result in a rate that matches or exceeds the Employee’s current rate, at which time Employees shall again become eligible for increments and subsequent general increases.