Benefit Bank definition
Examples of Benefit Bank in a sentence
Subsequently, where employees have sick benefits or approved allotments from the Sick Benefit Bank, there will be a deduction from those benefits or allotments of 1/4 of the time the employee is absent, or to the expiry of those benefits or allotments, whichever is sooner.
During the period that employees are receiving the 1/4 day sick benefits or Sick Benefit Bank allotments, they will continue to receive their regular pay.
The rate of accumulation will be 1- 1/4 working days per month worked in any partial calendar year of employment, less any sick benefits used and less any Sick Benefit Bank assessment.
All current employees will have until 6/30/11 to spend their allocated Benefit Bank dollars.
Employees will receive their 2011 Benefit Bank allocation ($350/single, $425/family) into the wellness account versus the Benefit Bank for 2011.
Employees who are retired prior to ratification of the agreement will have until 12/31/2012 to spend their allocated Benefit Bank dollars.
In any partial calendar year of employment, an employee may be absent from work for reasons of personal illness for up to one and one-quarter (1-1/4) days per month, less any Sick Benefit Bank assessments, without loss of pay.
After consultation with the Sick Benefit Bank Committee, including written documentation, the University may require a physician's certificate for periods of less than five (5) days.
Employees are provided with a Benefit Bank for the purchase of medical, dental and/or vision insurance for themselves and their eligible dependents.
Sick leave benefits and/or the Sick Benefit Bank will be credited upon payment of these monies.