Compensation Floor definition
Examples of Compensation Floor in a sentence
The initial Compensation Floor for New Employees will be established as of the Effective Date.
For example, the Company will use the Compensation Floor as of the Effective Date for a New Employee hired on January 1, 2025.
On January 1, 2028, the Company shall ensure that employee’s Compensation Floor is adjusted to comply with the current county wage at that time.
To the extent a Full-time Employee position is created that does not correspond to any positions on the Compensation Floor schedule in effect at the time of the employee’s hire (or promotion or change in duties), the Company may propose a SOC code for that position and the Compensation Floor will be determined using the applicable county-level wage data for the corresponding SOC code and remain in effect until the next quadrennial update.
Beginning on January 1, 2028, and continuing every four years thereafter, the Company shall ensure that the Compensation Floor is in fact 120% of the average wage paid to a full-time employee in a similar position within the same detailed occupation by SOC code in the county where the Project is located.
For a Full-time Employee to be considered a New Employee, that employee’s Compensation must be equal to or greater than the Compensation Floor.
The Compensation Floor wage standards will take effect at the beginning of the Taxable Year following the year in which the standards are published and remain in effect until superseded (e.g., if the wage standards are published January 1, 2024, the standards will take effect beginning January 1, 2025 and remain in place until the effective date of the next published wage standards).
To the extent a Full-Time Employee position is created that does not correspond to any positions on the Compensation Floor schedule in effect at the time of the employee’s hire (or promotion or change in duties), the Company may propose a SOC code for that position and the Compensation Floor will be determined using the applicable county-level wage data for the corresponding SOC code and remain in effect until the next quadrennial update.
For a full-time employee to be considered a New Employee, that employee’s compensation must be equal to or greater than the Compensation Floor for that employee at the time of hire.
Beginning on January 1, 2028, and continuing every four years thereafter, the Company shall ensure that the Compensation Floor is in fact 120% of the average wage paid to a Full-Time Employee in a similar position within the same detailed occupation by SOC code in the county where the Project is located.