Rate of Longevity Pay Sample Clauses

Rate of Longevity Pay. During the first five (5) years of employment, an Employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an Employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity
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Rate of Longevity Pay. During the first five (5) years of employment, an Employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an Employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 5 yr. 1 mo. = 61 months x $2.00 = $122.00 After completion of the tenth year and ending with the fifteenth year of continuous service, an Employee shall be paid $2.50 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 12 yr. 4 mo. = 148 months x $2.50 = $370.00 After completion of fifteenth year and ending with the twentieth year of continuous service, an Employee shall be paid $3.00 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 16 yr. 6 mo. = 198 months x $3.00 = $594.00 After completion of twentieth year and ending with the twenty-fifth year of continuous service, an Employee shall be paid $3.50 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 23 yr. 8 mo. = 284 months x $3.50 = $994.00 After completion of twenty-fifth year of continuous service, an Employee shall be paid $4.00 per month for each year of service. Maximum years of service for purposes of longevity is twenty-five
Sample 1Sample 2
Rate of Longevity Pay. During the first five (5) years of employment, an employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 5 yr. 1 mo. = 61 months x $2.00 = $122.00 After completion of the tenth year and ending with the fifteenth year of continuous service, an employee shall be paid $2.50 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 12 yr. 4 mo. = 148 months x $2.50 = $370.00 After completion of fifteenth year and ending with the twentieth year of continuous service, an employee shall be paid $3.00 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 16 yr. 6 mo. = 198 months x $3.00 = $594.00 After completion of twentieth year and ending with the twenty-fifth year of continuous service, an employee shall be paid $3.50 per month for each year of service. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 23 yr. 8 mo. = 284 months x $3.50 = $994.00 After completion of twenty-fifth year of continuous service, an employee shall be paid $4.00 per month for each year of service. Maximum years of service for purposes of longevity is twenty-five (25) years. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 25 yr. = 300 months x $4.00 = $1,200.00
Sample 1Sample 2
Rate of Longevity Pay. During first five (5) years of employment, an employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 5 yr. 1 mo. = 61 months x $2.00 = $122.00 After completion of the tenth year and ending with the fifteenth year of continuous service, an employee shall be paid $2.50 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 12 yr. 4 mo. = 148 months x $2.50 = $370.00 After completion of fifteenth year and ending with the twentieth year of continuous service, an employee shall be paid $3.00 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 16 yr. 6 mo. = 198 months x $3.00 = $594.00 After completion of twentieth year and ending with the twenty-fifth year of continuous service, an employee shall be paid $3.50 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 23 yr. 8 mo. = 284 months x $3.50 = $994.00 After completion of twenty-fifth year of continuous service, an employee shall be paid $4.00 per month for each year of service. Maximum years of service for purposes of longevity is twenty-five (25) years. EXAMPLE: Total Service Time Total Months Monthly Rate Longevity 25 years = 300 months x $4.00 = $1,200.00 This policy is reflected in the schedule attached as Exhibit B.
Sample 1
Rate of Longevity Pay. During first five (5) years of employment, an employee accrues service time for determining future payments of longevity. After completion of the fifth year and ending with the tenth year of continuous service, an employee shall be paid $2.00 per month for each year of service. EXAMPLE: Total Total Service Time Total Months Monthly Rate Longevity 5 yr. 1 mo. = 61 months x $2.00 = $122.00 After completion of the tenth year and ending with the fifteenth year of continuous service, an employee shall be paid $2.50 per month for each year of service. After completion of fifteenth year and ending with the twentieth year of continuous service, an employee shall be paid $3.00 per month for each year of service. After completion of twentieth year and ending with the twenty-fifth year of continuous service, an employee shall be paid $3.50 per month for each year of service. After completion of twenty-fifth year of continuous service, an employee shall be paid $4.00 per month for each year of service. Maximum years of service for purposes of longevity are twenty-five (25) years. (See attached Exhibit B)
Sample 1

Related to Rate of Longevity Pay

  • Rate of Pay a. An Employee who is employed as a teacher teaching on call shall be paid 1/189 of his/her category classification and experience, to a maximum of the rate at Category 5 Step 7, for each full day worked.

  • Rate of Accrual ‌ Full-time employees who have been in pay status for eighty (80) non-overtime hours in a calendar month shall be credited monthly with the following annual leave accrual.

  • Rate of Compensation In lieu of direct compensation for all overtime, shift work and standby (as defined in Articles 16, 17 and 18 of this Agreement), regular full-time employees shall receive a special compensation of 7% of their basic salary earned for each calendar year. This special compensation shall not be considered part of the employee's basic salary for the purpose of calculating any benefits or other premium entitlements.

  • Longevity Pay If an employee leaves State Classified employment and later is rehired, he/she shall receive no longevity pay. However, once such a rehired employee has been in pay status for five (5) years, all previous service time shall be credited for longevity pay. The only exception shall be for employees rehired who repay severance pay received. (See Article 22, Section Q.)

  • Rate of Payment F9.16 While an employee is on a period of purchased leave the employee will be paid at the rate of pay used to calculate the employee’s deduction.

  • Rate of Interest The Rate of Interest payable from time to time in respect of Floating Rate Notes will be determined in the manner specified in the applicable Final Terms.

  • Longevity Payments All employees, who are hired on or after January 1, 1989, shall not be covered by this Article. Full-time employees on the County Payroll as of December 31, 1988, shall be entitled to longevity pay subject to the following provisions:

  • Hourly Rate (A) The amounts shall be computed by multiplying the appropriate hourly rates prescribed in the contract by the number of direct labor hours performed. Fractional parts of an hour shall be payable on a prorated basis.

  • Interest Rates; LIBOR Notification The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances as set forth in Section 2.14(c) of this Agreement, such Section 2.14(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

  • Supported wage rates Employees to whom this clause applies shall be paid the applicable percentage of the minimum rate of pay prescribed by this Agreement for the class of work which the person is performing according to the following schedule: Assessed Capacity (Clause 1.3) % of prescribed rate 10%* 10% 20% 20% 30% 30% 40% 40% 50% 50% 60% 60% 70% 70% 80% 80% 90% 90% * (Provided that the minimum amount payable shall be not less than $45 per week). Where a person’s assessed capacity is 10%, they shall receive a high degree of assistance and support.

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