Compensatory Time Off (CTO). Paid time off given to reimburse an employee for extra time expended, usually in lieu of overtime pay. Contract. An Agreement between two or more persons or entities which creates an obligation explained in the agreement. Contracts are the body of law governing the agreement process in business. Corrective Action. This term applies to taking action to correct a behavioral or performance problem. Cost-of-Living Adjustment (COLA). A change in rate of pay (usually an increase) resulting from changes in economic statistics, usually Bureau of Labor Standards cost-of- living index. Performance is not taken into account when considering pay changes to adjust for the cost of living.
Appears in 3 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Memorandum of Understanding