Average Pay definition

Average Pay means the average monthly pay earned during the 12 complete months immediately preceding the month in which the event occurs which necessitates the calculation of the average pay.

Average Pay means the average of the wages payable to a worker,—

Average Pay means the average of the wages payable to a workman —

Examples of Average Pay in a sentence

• The pension formula shall be 1.45% of Final Average Pay multiplied by all years of Credited Service with no Social Security offset.

• Final Average Pay is defined as the averaged highest sixty (60) consecutive months of compensation earned over the last one hundred twenty months (120) of employment.

• Employees on the payroll as of October 13, 2000 were grandfathered into the previous pension plan with the formula of 1.5% of Final Average Pay multiplied by all years of Credited Service with no Social Security Offset.

• As a result, each Participant’s Accrued Benefit will be calculated using Final Average Pay (and its predecessor, “Average Annual Compensation,” as each term is defined in the Retirement Plan) that is based only on Monthly Compensation paid to or for the benefit of the Participant prior to the earlier of (1) the Compensation Freeze Date or (2) the Participant’s Severance from Employment.

• Final Average Pay for pension calculations for ACP and Per Diem Health Care Professionals excludes special bonuses/allowances/differentials and will, therefore, be calculated solely on the base rate.

More Definitions of Average Pay

Average Pay. ’ means the largest annual rate resulting from averaging an employee’s or Member’s rates of basic pay in effect over any 3 consecutive years of creditable service or, in the case of an annuity under subsection

Average Pay means the average monthly pay earned while on duty during the twelve calendar months immediately preceding the month in which the employee proceeds on leave, and in the case of an employee who has not been on duty for more than a year, the average monthly pay earned while on duty during the calendar months immediately preceding the month in which he proceeds on leave.

Average Pay means the average of salary of 10 calendar months prior to the month in which the leave commences. Half average pay means half of the average pay as defined above.

Average Pay means the amount equal to the mean between the minimum and maximum of Time of Scale of Pay of the post held by the subscriber.

Average Pay means the average monthly pay earned while on duty during the twelve calendar months immediately preceding the month in which the employee proceeds on leave, and in the case of an employee who has not been on duty for more than a year, the average monthly pay earned while on duty during the calendar months immediately preceding the month in which he proceeds on leave provided that when the substantive pay of an employee on leave is less than Rs. 200/- per mensem, and the period of leave taken does not exceed two months, his average pay shall mean the pay which he would draw in the post substantively held by him at the time of taking leave, if this pay be more than his average pay.

Average Pay means the sum that

Average Pay means the average monthly pay earned during the ten com- plete months immediately preceding the month in which the average pay is to be calculated;