Common use of Retention Premium Clause in Contracts

Retention Premium. 12.01 A retention premium is paid to all employees for each hour worked. This premium is: Seventy-five cents ($0.75) for the first two (2) steps of each salary scale; One dollar and twenty-five cents ($1.25) for the next two (2) steps of each salary scale; One dollar and seventy-five cents ($1.75) for the three (3) or four (4) higher steps of each salary scale, as the case may be. 12.02 This premium is payable three (3) times per year to the employees still working for the Employer at the time of the payment, according to the following schedule: Payment in February for the October to January period; Payment in June for the February to May period; Payment in October for the June to September period. If the employee is laid off or retired, the amount of his retention premium will be calculated as a pro rata of the time worked during the period and payable upon his departure. 12.03 This premium is not increased in case of overtime. 12.04 In case of occupational injury with time loss, the Employer includes the retention premium in the calculation of the employee’s gross revenue on the CNESST's Avis de l’employeur et demande de remboursement (ADR) (Employer’s notification and reimbursement request) form.