SALARY RATES Section 12.1 The following shall apply to full-time employees:
Salary Scale The salary scale applicable to Employees shall be set out hereinafter in the Wage Schedule.
Salary Scales 1. In the settlement of the Kindergarten Teachers, Head Teachers and Senior Teachers' Collective Agreement 2000-2002 the parties committed themselves to the implementation of pay parity for kindergarten teachers. Senior teacher K3 and K4 salaries were benchmarked to the base salary (excluding the roll-based supplementary component) of a primary U2 and U3 principal respectively.
Annual Salary Review In December of each year throughout the TERM, the annual salary of the EMPLOYEE shall be reviewed by the Boards of Directors of the EMPLOYERS and shall be set, effective January l of the following year, at an amount not less than $106,500, based upon the EMPLOYEE'S individual performance and the overall profitability and financial condition of the EMPLOYERS (hereinafter referred to as the "ANNUAL REVIEW"). The results of the ANNUAL REVIEW shall be reflected in the minutes of the Boards of Directors of the EMPLOYERS.
Salary Range a. At the beginning of the 2020-21 school year, the salaries of returning full-time teachers were between $36,500 to $61,000.
Salary Schedule The scale of remuneration set out in Schedule "A" shall apply during the term of this Agreement. Any changes in salary rates or the classifications as outlined in Schedule "A" shall not be put into effect until the Union Business Representative has been consulted.
Salary Ranges A. The salary ranges for classifications covered by this Agreement shall be those contained in Appendix D.
Placement on Salary Schedule The following rules shall be applicable in determining placement of a teacher on the appropriate salary schedule:
Base Salary and Bonus As compensation for the Executive's services under this Agreement, the Executive shall receive and the Company shall pay a weekly base salary set forth on Exhibit A. Such base salary may be increased but not decreased during the Term or Renewal Period in the Company's discretion based upon the Executive's performance and any other factors the Company deems relevant. Such base salary shall be payable in accordance with the policy then prevailing for the Company's executives. In addition to such base salary, the Executive shall be entitled during the Term or Renewal Period to a performance bonus set forth on Exhibit A and to participate in and receive payments from, at the Company's election, other bonus and other incentive compensation plans, if any, as may be adopted by the Company.
Base Compensation a. The Company and the Bank agree to pay Executive during the term of this Agreement a base salary at the rate of $ per year, payable in accordance with customary payroll practices.