Common use of Payout Calculation Clause in Contracts

Payout Calculation. Payment for sick leave shall be determined by the base salary rate of pay for the position upon date of retirement. “Base salary” shall mean an employee’s straight time of pay and shall not include overtime, skill pay, or other special salary differential(s) or pay.

Appears in 2 contracts

Sources: Memorandum of Understanding, Memorandum of Understanding