Qualifying Salary definition

Qualifying Salary shall, for purposes of this Attachment, mean the Employee’s base salary under the agreed upon scale under the collective agreement plus any step increases applicable to the Employee for the last year of service. Such amount shall be paid annually in equal monthly installments with a full annual amount being paid ratably between September 1 and December 31 of the year in which the Employee separates from service and each year thereafter up to the earlier of the Employee attaining age 65, the Employee dying, or the expiration of the fifth year after the year in which the Employee separated from service (for a total of no more than 6 payments of the above amount). Any Non-elective Contribution amount made pursuant to this Attachment “A” shall be 100% vested. For purposes of this Attachment, the term “Employee” shall mean any individual who would be eligible to receive the above post- employment Non-elective contributions on a post-employment basis consistent with the provisions of Section 403(b)(3) of the Internal Revenue Code.
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Examples of Qualifying Salary in a sentence

  • Companies employing foreign workers will be required to pay all their local employees at least the Local Qualifying Salary, which is currently set at $1,400 per month.

  • We will also launch a Progressive Wage Mark or PW Mark to accredit firms that pay Progressive Wages and the Local Qualifying Salary.

  • A Participating Employer shall make monthly Employer Contributions for each Member in its Qualifying Service of an amount not less than the Applicable Percentage of that Member’s Qualifying Salary.

  • As at the Latest Practicable Date, the quota for the manufacturing sector is set at 60%, which means that the dependency ratio ceiling for the manufacturing sector is 1.5 foreign workers (work permit and S pass holders) for every one employee who earns the Local Qualifying Salary (‘‘LQS’’).

  • In addition, rising wage expenses from a tighter labour market, as well as expansion of the Progressive Wage Model to more sectors (retail in 2022, F&B in 2023) and introduction of the Local Qualifying Salary (LQS) of SGD1,400 in Sep 2022 could also hurt profitability in the consumer segment.

  • To be eligible for a renewal of the LOC, you will also need to hire at least one Singaporean / Permanent Resident who earns at least the prevailing Local Qualifying Salary and receives CPF contributions for at least 3 months.

  • A Participating Employer shall make monthly Employer Contributions for each Member in its Qualifying Service of an amount equal to the Applicable Percentage of that Member’s Qualifying Salary, subject however to Rule 5.2 below.

  • The new Local Qualifying Salary (LQS) requirement will take effect soon, from 1 September this year.

  • We made several major moves last year: we expanded the Progressive Wage Model to more sectors and occupations, and we required companies that employ foreign workers to pay all local employees at least the Local Qualifying Salary.

  • The dependency ratio ceiling for the construction sector is seven work permit holders for every one full-time local employee who earns the Local Qualifying Salary of at least S$1,400 per month and the number of S pass holders is capped at 18% of the total workforce.

Related to Qualifying Salary

  • Leave Salary means the monthly amount paid by the University to an employee who is on leave.

  • Annual Salary means the salary given under this Part.

  • Qualifying week means the 15th week before the expected week of childbirth.

  • Annual Compensation means an amount equal to the greater of:

  • Basic Salary shall have the meaning assigned to it in Section 5 of this Agreement.

  • Monthly Base Salary means 1/12th of the greater of (i) Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control Termination or a Covered Termination, as applicable, or (ii) in the case of a Change in Control Termination, Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect on the date of a Change in Control.

  • Normal salary means the salary that would be paid to a participating employee if that person was not participating in a Plan and includes salary expressed as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate. It includes all allowances that are paid as an annual rate, fortnightly rate, weekly rate, daily rate or hourly rate but not overtime payments and shift work penalty rates unless they are paid as a component of an annualised rate.

  • Base Salary shall have the meaning set forth in Section 3(a) hereof.

  • Target Bonus means Executive’s annual (or annualized, as applicable) target bonus in effect immediately prior to Executive’s Qualifying Termination or, if Executive’s Qualifying Termination occurs during the Change in Control Period and the amount is greater, Executive’s annual (or annualized, if applicable) target bonus in effect immediately prior to the Change in Control.

  • Severance Period means the period of time commencing on the date of an occurrence of a Change of Control and continuing until the earlier of (i) the date which is one and one-half years following the occurrence of the Change of Control, and (ii) the Executive's death.

  • Monthly salary means the portion of a member’s annual compensation which is paid to him or her per month.

  • Average Bonus means the average of the bonuses paid to Employee over the last two years (or such lesser number of years in which Employee was eligible to receive a bonus) in which the Employee was eligible to receive a bonus.

  • Target Bonus Amount means Executive’s target annual bonus amount in effect at the time of Executive’s Qualifying Termination (disregarding any decrease in such target annual bonus amount that constitutes a Good Reason event).

  • Base Compensation means the amount equal to the sum of (i) the greater of Executive’s then-current Annual Base Salary or Executive’s Annual Base Salary as of the date one day prior to the Change in Control, and (ii) the Average Incentive Bonus.

  • Qualifying year means the calendar year to which the qualifying certificate applies.

  • Average Annual Compensation For the purposes of this Agreement, “Average Annual Compensation” shall be an amount equal to the annual average of the sums of (x) the Executive’s annual Base Salary from the Company plus (y) the amount of Incentive Awards accrued by TNS for the Executive, in each case for the three calendar years that ended immediately before (or, if applicable, coincident with) the Change in Control Date;

  • Base Salary Amount means the greater of the Executive’s annual base salary (a) at the rate in effect on the Termination Date and (b) at the highest rate in effect at any time during the 180-day period prior to a Change in Control, and will include all amounts of the Executive’s base salary that are deferred under any qualified or non-qualified employee benefit plan of the Company or any other agreement or arrangement.

  • Accrued Base Salary means the amount of Executive's Base Salary which is accrued but not yet paid as of the Date of Termination.

  • Qualifying Period means 12 continuous Calendar Weeks during the whole or part of which the Agency Worker is supplied by one or more Temporary Work Agencies to the relevant Hirer to work temporarily for and under the supervision and direction of the relevant Hirer in the same role, and as further defined in the Schedule to these Terms;

  • Average Compensation means the average of your W-2 wages from the Company for the five (5) calendar years completed immediately prior to the calendar year in which the Change in Control is effected. Any W-2 wages for a partial year of employment will be annualized, in accordance with the frequency which such wages are paid during such partial year, before inclusion in Average Compensation.

  • Accrued Bonus means the bonus, which may be negative or positive, which is calculated in the manner set forth in Section V.A.

  • Base Annual Salary means the annual cash compensation relating to services performed during any calendar year, whether or not paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors fees and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the Employee’s gross income). Base Annual Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of any Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 132(f), 402(e)(3), 402(h), or 403(b) pursuant to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee.

  • Current Annual Compensation means the greater of:

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Annual Earnings means your gross annual income from your Employer, not including shift differential, in effect just prior to the date of loss. It includes your total income before taxes. It is prior to any deductions made for pre-tax contributions to a qualified deferred compensation plan, Section 125 plan or flexible spending account. It does not include income received from commissions, bonuses, overtime pay or any other extra compensation or income received from sources other than your Employer.

  • Qualifying Termination means a termination of Executive’s employment (i) by the Company other than for Cause or (ii) by Executive for Good Reason. Termination of Executive’s employment on account of death, Disability or Retirement shall not be treated as a Qualifying Termination.