Common use of Settlement Allowance Clause in Contracts

Settlement Allowance. 54.01 Effective May 26, 2016 each employee shall receive a Settlement Allowance of $6198 per year. Settlement Allowance shall be paid on an hourly basis for all regular hours earned defined as hours worked, paid leave and time in lieu. Effective April 1, 2017 the Settlement Allowance shall increase to $6322 per year. Effective April 1, 2018 the Settlement Allowance shall increase to $6448 per year. Effective April 1, 2019 the Settlement Allowance shall increase to $6577 per year. Effective May 26, 2016 the hourly rate payable as Settlement Allowance shall be $3.01 for employees whose regular hours of work are eight (8) hours per day, and $3.17 for employees whose regular hours of work are seven and one-half (7½) hours per day. Effective April 1, 2017 the hourly rate payable as Settlement Allowance shall be $3.07 for employees whose regular hours of work are eight (8) hours per day, and $3.23 for employees whose regular hours of work are seven and one-half (7½) hours per day. Effective April 1, 2018 the hourly rate payable as Settlement Allowance shall be $3.14 for employees whose regular hours of work are eight (8) hours per day, and $3.30 for employees whose regular hours of work are seven and one-half (7½) hours per day. Effective April 1, 2019 the hourly rate payable as Settlement Allowance shall be $3.20 for employees whose regular hours of work are eight (8) hours per day, and $3.36 for employees whose regular hours of work are seven and one-half (7½) hours per day. 54.02 All employees presently receiving an amount more than stated above shall continue to receive that amount until such time that the benefit in this Agreement exceeds the amount presently received. At that time the employee shall receive the amount stated in the Agreement.