Performance pay increases Clause Samples

Performance pay increases. In order to receive a performance pay increase, each employee must be on the payroll as of pay period 26 of the previous fiscal year and continue to be on the payroll at the time of increase distribution.
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Performance pay increases. (a) Bunnings operates a performance pay system which may result in Team Members being paid a Contract Rate that is above the Base Rate. (b) During the nominal term of this Agreement, Bunnings intends to conduct an annual performance review program where a Team Member’s annual performance is rated on a scale, which for the 2023, 2024 and 2025 financial years is comprised of: Standout; Goes the Extra Mile; Nailed it; Areas to Improve; and Change Needed. (c) Where a Team Member achieves a rating of Nailed It, Goes the Extra Mile or Standout (or equivalents under any revised program), as determined by their Leader in their absolute discretion, the table below sets out the minimum performance pay increase under the Agreement (applicable to the Team Member’s Contract Rate): Wage relativity First full pay cycle after 1 September 2023 minimum increase Team Member’s Contract Rate is less than or equal to 10% above the Pre-Agreement Base Rate for their Role. 3.0% Team Member’s Contract Rate is more than 10% above the Pre-Agreement Base Rate for their Role. 2.5% Wage relativity First full pay cycle after 1 September 2024 minimum increase First full pay cycle after 1 September 2025 minimum increase Team Member’s Contract Rate is less than or equal to 10% above the Base Rate for their Role. 2.5% 2.5% Team Member’s Contract Rate is more than 10% above the Base Rate for their Role. 2.0% 2.0% (d) A Team Member will not be entitled to a performance pay increase under clause 1.6(c) if the Team Member receives a rating of Areas to Improve or Change Needed (as determined by their Leader). (e) Clause 1.6 summarises minimum performance pay increases only. It is possible that Bunnings’ performance pay system will result in an individual Team Member receiving a wage increase higher than the increases set out above. (f) Other than minimum performance pay increases under this clause 1.6, the administration of Bunnings’ performance pay system (including the Leader’s discretion to apply any performance rating to any Team Member and the relevant timing to assess wage relativity) is not covered by this Agreement. Team Members do not have an entitlement to any minimum performance rating. (g) Base Rate increases under clauses 1.1 and 1.5 and performance pay increases under this clause are not cumulative. Team Members will be entitled to the higher of the Base Rate or any minimum performance pay increase. (h) For the purpose of determining wage relativity under clause 1.6(c), the Pre-Agre...
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Related to Performance pay increases

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.

  • Incentive Bonuses The Executive shall be eligible for an annual incentive bonus with a target amount equal to 50% of his Base Salary (the “Target Bonus”). The Executive’s bonus (if any) shall be awarded based on criteria established by the Company’s Board of Directors (the “Board”) or its Compensation Committee. The determinations of the Board or its Compensation Committee with respect to such bonus shall be final and binding. The Executive shall not be entitled to an incentive bonus if he is not employed by the Company on the last day of the fiscal year for which such bonus is payable.

  • Incentive Bonus During the Term, Employee shall be eligible to receive an incentive bonus up to the amount, based upon the criteria, and payable in such amount, at such times as are specified in Exhibit A attached hereto. The manner of payment, and form of consideration, if any, shall be determined by the Compensation Committee of the Board, in its sole and absolute discretion, and such determination shall be binding and final. To the extent that such bonus is to be determined in light of financial performance during a specified fiscal period and this Agreement commences on a date after the start of such fiscal period, any bonus payable in respect of such fiscal period's results may be prorated. In addition, if the period of Employee's employment hereunder expires before the end of a fiscal period, and if Employee is eligible to receive a bonus at such time (such eligibility being subject to the restrictions set forth in Section 6 below), any bonus payable in respect of such fiscal period's results may be prorated.

  • Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).