ESSIP definition
Examples of ESSIP in a sentence
The performance period will run on an annual cycle (January to December) with quarterly cycles as follows: • Quarter 1 – January to March • Quarter 2 – April to June • Quarter 3 – July to September • Quarter 4 – October to December The ESSIP payment calculation will be 15% of an employee’s regular straight time earnings up to a quarterly maximum of 500 hours at their regular rate of pay as at the end of the quarter, multiplied by the Company Performance Factor.
The ESSIP payment is subject to an annual maximum of $16,000 per year per active employee.
The Emergency Services and Security Incentive Program (ESSIP) is meant to recognize an employee’s contribution towards the success of the company based on pre-approved performance metrics as required by senior management and approved by the Stelco Board of Directors for a set performance period.