Guaranteed Minimum Rate definition
Guaranteed Minimum Rate. You will also be guaranteed a minimum earnings amount equal to $11.00 per hour worked, unless the applicable minimum wage in your locality is higher, in which case you will be paid the higher minimum wage. Should the average of your commissions not equal or exceed this amount, the Institute will supplement your pay to this rate. In addition, starting with the Monday after the first Wednesday in which you had answered at least 200 sales calls in the season, you will be guaranteed the following minimum earning amount depending upon your rank within the office:
Guaranteed Minimum Rate. You will also be guaranteed a minimum earnings amount equal to $11.00 per hour worked, unless a higher minimum wage is applicable, in which case you will be paid the higher minimum wage.
Examples of Guaranteed Minimum Rate in a sentence
Any overpayment We make because of misstatement of Age or sex, together with interest thereon at not less than the Guaranteed Minimum Rate shown on the Contract Specifications page, compounded annually, will be deducted from the current or next succeeding payment or payments under this contract.
Any underpayments made will be added to the next payment with interest at not less than the Guaranteed Minimum Rate shown on the Contract Specifications page.
In the case of lump sum settlement, We will adjust the lump sum to reflect the correct Age or sex at a rate not less than the Guaranteed Minimum Rate shown on the Contract Specifications page compounded annually.