Common use of ANNUAL INCREMENT Clause in Contracts

ANNUAL INCREMENT. (1) A confirmed employee shall be entitled to receive an annual increment on the incremental date until he reaches the maximum of his salary structure, unless his increment has been deferred or stopped. (2) The quantum of annual increment is 5% of mid-point of the respective salary range of the Non-Clerical, General Clerical or Special Grade Clerical, as the case may be. (3) The incremental date of a confirmed employee first appointed or promoted to the salary structure on or after 1st January but not later than 30th June shall be 1st January of each subsequent year. (4) The incremental date of a confirmed employee first appointed or promoted to the salary structure on or after 1st July but not later than 31st December shall be 1st July of each subsequent year. (5) For the purpose of this Article 11(2), "salary structure" means the salary structure of the Non-Clerical, General Clerical, or Special Grade Clerical structure, as the case may be. Thus, where an employee was first appointed to the Bank as a Non-Clerical on 1st January (incremental date 1st January) and subsequently promoted to the General Clerical on 1st July, his new incremental date will be 1st July; and if he is subsequently promoted to the Special Grade Clerical on 1st January, his new incremental date thereafter shall be 1st January. (6) Annual salary increments for employees in the Performance Related Remuneration System (PRRS) shall be in accordance with the bilateral agreement between the Bank and the Union.

ANNUAL INCREMENT. (1) A confirmed employee shall be entitled to receive an annual increment on the incremental date until he reaches the maximum of his salary structure, unless his increment has been deferred or stopped. (2) The quantum of annual increment is 5% of mid-point of the respective salary range of the Non-Clerical, General Clerical or Special Grade Clerical, as the case may be. (3) When an employee reaches the maximum of his salary range as a result of the annual increment, the balance of the annual increment times twelve (12) will be paid in a lump sum. (4) The incremental date of a confirmed employee first appointed or promoted to the salary structure on or after 1st January but not later than 30th June shall be 1st January of each subsequent year. (45) The incremental date of a confirmed employee first appointed or promoted to the salary structure on or after 1st July but not later than 31st December shall be 1st July of each subsequent year. (56) For the purpose of this Article 11(211 (2), "salary structure" means the salary structure of the Non-Clerical, General Clerical, or Special Grade Clerical structure, as the case may be. Thus, where an employee was first appointed to the Bank as a Non-Clerical on 1st January (incremental date 1st January) and subsequently promoted to the General Clerical on 1st July, his new incremental date will be 1st July; and if he is subsequently promoted to the Special Grade Clerical on 1st January, his new incremental date thereafter shall be 1st January. (67) Annual salary increments for employees in the Performance Related Remuneration System (PRRS) shall be in accordance with the bilateral agreement between the Bank and the Union.