Retroactive conversion Sample Clauses
A retroactive conversion clause allows for the application of new terms, conditions, or structures to past events or agreements, effectively altering their original status as if the new provisions had always been in place. In practice, this might mean that a contract or financial instrument is updated to reflect new rates, terms, or obligations starting from a date prior to the amendment or agreement. This clause is primarily used to ensure consistency or fairness when changes are made, addressing situations where parties wish to align past actions with current agreements or regulatory requirements.
Retroactive conversion. In cases where this salary agreement is applied retroactively, the following applies to sick pay deductions etc., deductions for leave of absence and overtime payments made. Sick pay deductions etc. shall be converted individually as follows: Sick pay deductions up to and including the 14th calendar day shall be converted retroactively. There shall be no retroactive conversion for sick pay deductions as from the 15th calendar day, other than where the salary increase was taken into consideration in determining the sickness benefit. Deductions for leave of absence shall be converted retroactively. Conversion shall take place on an individual basis. Overtime payments shall be converted retroactively. The conversion shall be applied to the average salary increase for salaried employees at the company, unless it is locally agreed that the conversion shall be applied individually for each salaried employee.
Retroactive conversion. Where this salary agreement is applied retroactively, the following applies to deductions for sickness, etc., deductions for leave of absence and overtime payments made. Deductions for sickness, etc. must be converted individually as follows: - Deductions for sickness up to and including the 14th calendar day must be converted retroactively. - There must be no retroactive conversion for deductions for sickness as from the 15th calendar day other than to the extent to which the salary increase was taken into consideration when determining the sickness benefit. Deductions for leave of absence must be converted retroactively. Conversion must take place individually. Overtime payments must be converted retroactively. Conversion must take place individually.