MONTHLY VARIABLE COMPONENT Sample Clauses
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MONTHLY VARIABLE COMPONENT. (1) The monthly variable component (MVC) will form part of the total monthly salary for the purpose of computing CPF payment, annual increment, overtime payment and bonuses and count towards the staff’s salary range.
(2) The Institution and the Union will continue with the practice of setting aside 10% of the total monthly salary as MVC. Any changes to the MVC portion will be subject to mutual agreement by the Institution and the Union.