Salary Formula. 29.04.01 In each year of the Plan preceding the year of the leave, an employee will be paid 80% of his/her annual salary. The remaining 20% of annual salary shall be deferred and deposited to a separate trust account at the Chesley, Ontario branch of the Canadian Imperial Bank of Commerce with an account heading "Bluewater School Board In Trust for [name of employee]". The amount deposited to this account together with interest earned shall be retained for the employee to finance the year of leave. Consideration will be given to a request for a leave to be financed by deduction of a larger amount of salary over a shorter period of time. For example, deduct for three years to finance a leave in the fourth year or deduct for two years to finance a leave in the third year.
Appears in 6 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
