Payment Formula and Leave of Absence. The payment of salary, benefits and the timing of the period of leave shall be as follows:
Payment Formula and Leave of Absence. (a) During the term of the plan a participating employee will be paid grid salary and allowances as follows: Salary and Allowances Paid During Term Working Period Leave Period Four Years 75.0% 25.0% + interest Five Years 80.0% 20.0% + interest* Six Years 83.3% 16.7% + interest* *Note: Interest will be earned on the portion withheld and will be paid annually.
Payment Formula and Leave of Absence. The payment of salary, fringe benefits and the timing of a six month or one year leave of absence shall be as follows:
Payment Formula and Leave of Absence. 1. The leave period shall be not less than:
Payment Formula and Leave of Absence i) In the first four (4) years, an employee will be paid eighty percent (80%) of her/his regular salary. The remaining twenty percent (20%) of salary will be deposited in a bank account. The total amount of that bank account, excluding interest, shall be paid to the employee during the year of leave. Payment will be made through the payroll of the Employer, who will be reimbursed by the bank on a bi-weekly basis.
Payment Formula and Leave of Absence i) In the first four (4) years, a nurse will be paid eighty percent (80%) of her regular salary. The remaining twenty percent (20%) of salary will be deposited in a bank account. The total amount of that bank account, excluding interest, shall be paid to the nurse during the year of leave. Payment will be made through the payroll of the Employer, who will be reimbursed by the bank on a bi-weekly basis.
Payment Formula and Leave of Absence. 4. In each year of the Plan preceding the year of the leave, the employee shall be paid an equally reduced percentage of his/her proper grid salary and applicable allowances. The remaining percentage of annual salary, not to exceed one third of their earnings in accordance with the Income Tax Act (Canada), shall be deferred and this accumulated amount plus any interest earned shall be retained for the employee by the Board to finance the year of the leave.
Payment Formula and Leave of Absence. The leave period shall be not less than: Three consecutive months if the employee enrolls in full time attendance at an education institution, otherwise six consecutive months. The leave period may be funded over a maximum period of six years. The amount of annual deferred salary shall not exceed 33 1/3% of annual salary. All deferred salary shall be held in trust in a separate bank account. These funds shall be deposited in a special account and the interest earned on these funds during the funding period shall be paid to employees during the funding period on their regular pay cheques. The leave period must be taken immediately after the deferral period. The amount of deferred salary shall be paid in equal bi-weekly payments during the leave period to employees. The leave period must terminate by the end of the first taxation year that commences after the deferral period. Therefore, the leave period cannot exceed 23 months. During the leave period, all interest earned on the deferred salary shall also be included in the bi-weekly payments made to the employees. Statutory Deductions During the funding period:
Payment Formula and Leave of Absence. (i) In each year of the Plan, preceding the year of the leave, an employee will be paid a reduced percentage of applicable annual salary.
Payment Formula and Leave of Absence. (a) In each year of the Plan, preceding the year of leave, a teacher will be paid a reduced percentage of his/her proper grid salary and the applicable allowances. The remaining percentage of the annual salary will be deferred and this accumulated amount plus any interest earned shall be retained for the teacher by the Board to finance the year of leave.
