Common use of Longevity Payment Clause in Contracts

Longevity Payment. Each employee will receive a longevity payment according to the following schedule, in the first pay period of December of each year of the contract if they are actively employed as of that date. Payments for part-time employees will be pro-rated. If an employee retires or is laid off during the year, but prior to the first pay period in December, the longevity payment will be made upon retirement or lay-off if otherwise eligible. Employees who resign, retire, or are terminated prior to the payment date are not eligible for payment. Longevity payments are not added to base salary for the purposes of computing salary increases in future years. Upon completion of: 2018 2019 2020 2021 2022 2023 5 – 9 years $500 $500 $500 $500 $500 10 – 14 years $750 $1,000 $1,000 $1,000 $1,000 $1,000 15 – 19 years $1,000 $1,250 $1,250 $1,250 $1,250 $1,250 20 – 24 years $1,250 $1,500 $1,500 $1,500 $1,500 $1,500 25 years or over $1,500 $1,750 $1,750 $1,750 $1,750 $1,750

Longevity Payment. Each employee will receive a longevity payment according to the following schedule, in the first pay period of December of each year of the contract if they are actively employed as of that date. Payments for part-time employees will be pro-rated. If an employee retires or is laid off during the year, but prior to the first pay period in December, the longevity payment will be made upon retirement or lay-off if otherwise eligible. Employees who resign, retire, resign or are terminated prior to the payment date are not eligible for payment. Longevity payments are not added to base salary for the purposes of computing salary increases in future years. Upon completion of: 2018 2019 2020 2021 2022 2023 2024 2025 2026 5 – 9 years $500 $500 $500 $500 $500 10 – 14 years $750 $1,000 $1,000 $1,000 $1,000 $1,000 15 – 19 years $1,000 $1,250 $1,250 $1,250 $1,250 $1,250 20 – 24 years $1,250 $1,500 $1,500 $1,500 $1,500 $1,500 25 years or over $1,500 $1,750 $1,750 $1,750 $1,750 $1,750