Step Rates Sample Clauses
A Step Rates clause defines a schedule of incremental changes to an interest rate, fee, or payment amount over time. Typically, this clause specifies predetermined intervals at which the rate or amount will increase or decrease, such as an interest rate that rises by a set percentage each year or a lease payment that escalates annually. The core practical function of a Step Rates clause is to provide predictability and transparency regarding future financial obligations, helping both parties plan for changes and manage risk associated with fluctuating costs.
Step Rates. The following step rates apply to all employees subject to the terms of this Collective Agreement to be paid as follows o Starting rate - 85% o After 12 months 90% o After 18 months 95% o After 24 months 100%
Step Rates. Pay Grade Basis A B Sergeants 504 Hour $50.00 $51.27 Year $104,000 $106,642 Lieutenants 505 Hour $53.81 $55.12 Year $111,925 $114.650 Pay Grade Basis A B Sergeants 504 Hour $51.25 $52.55 Year $106,600 $109,304 Lieutenants 505 Hour $55.16 $56.50 Year $114,733 $117,520 Pay Grade Basis A B Rates Effective December 19, 2022 Sergeants 504 Hour $52.40 $53.73 Year $108,992 $111,758 Lieutenants 505 Hour $56.40 $57.77 Year $117,312 $120,162
Step Rates. Section 1: The probationary period for new employees shall be 180 days. During this probation they can be discharged, suspended or demoted for any reason without just cause.
Section 2: Upon approval of the Department Head/Appointing Authority or designee, Employees must serve 12 months in a specific position before becoming eligible for a step increase. Section 3: Successive step advances will occur every twelve (12) months thereafter, subject to the approval and recommendation of the Department Head/Appointing Authority.