Common use of STATUTORY HOLIDAYS AND VACATION PAY Clause in Contracts

STATUTORY HOLIDAYS AND VACATION PAY. 26.01 Holiday Pay shall be twelve percent (12%) of wages (which is to mean earned hours times the hourly rate of pay), consisting of six percent (6%) for Annual Holidays and six percent (6%) for Statutory Holidays. Holiday Pay to be paid on the regular pay day.

STATUTORY HOLIDAYS AND VACATION PAY. 26.01 Holiday Pay shall be twelve percent (12%) of wages (which is to mean earned hours times the hourly rate of pay), consisting of six percent (6%) for Annual Holidays and six percent (6%) for Statutory Holidays. Holiday Pay to be paid on the regular pay day. The Employee may elect to have his Holiday Pay held until such time as he takes his annual holidays, or on termination.