Merit Compensation Program Clause Samples

The Merit Compensation Program clause establishes a framework for awarding additional compensation to employees based on their performance or achievements. Typically, this clause outlines the criteria for merit-based pay increases, such as performance reviews, achievement of specific goals, or exceptional contributions to the organization. Its core practical function is to incentivize high performance and recognize employee contributions, thereby promoting motivation and aligning individual efforts with organizational objectives.
Merit Compensation Program. A merit compensation program shall be available to all Sergeants with at least six full months of service prior to July 1 of the year of awarding each year during the salary program and compensation term beginning with July 1, 2011. The program shall be administered as follows:
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Merit Compensation Program. A merit compensation program shall be available to all Lieutenants with at least six full months of service prior to July 1st of the year of awarding each year during the salary program. The program shall be administered as follows: (a) The merit pool for Lieutenants will be comprised of the composite base salary of the Lieutenant’s employed by NJIT as of June 30th of the year of evaluation of the performance standards. (i) Effective the first full pay of the Fiscal Year 2016, the merit pool for Lieutenants will be set at 1%. (ii) Effective the first full pay of the Fiscal Year 2017, the merit pool for Lieutenants will be set at 1%. (iii) Effective the first full pay of the Fiscal Year 2018, the merit pool for Lieutenants will be set at 1%. (iv) Effective the first full pay of the Fiscal Year 2019, the merit pool for Lieutenants will be set at 1%. (b) There is no minimum conferral of merit awarding mandated and all merit shall be applied to base salaries.
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Merit Compensation Program. A merit compensation program shall be available to all Lieutenants with at least six full months of service prior to July 1st of the year of awarding each year during the salary program. The program shall be administered as follows: (a) The merit pool for Lieutenants will be comprised of the composite base salary of the Lieutenant’s employed by NJIT as of June 30th of the year of evaluation of the performance standards. (i) Effective the first full pay of the Fiscal Year 2006 (July 3, 2005), the merit pool for Lieutenants will be set at 3%. (ii) Effective the first full pay of the Fiscal Year 2007 (July 2, 2006), the merit pool for Lieutenants will be set at 3.25%. (b) The merit award shall be added to the Lieutenant’s base salary unless he/she will exceed the maximum of Band 10. Should the Lieutenant’s merit award exceed the maximum of Band 10, the full or partial amount in excess of the maximum shall be in cash. (c) There is no minimum conferral of merit awarding mandated.
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Merit Compensation Program. In each of the years of this Agreement, there shall be a Merit Compensation Program available to all employees in the bargaining unit with at least one (1) year of service as of July 1st of the year of award. The Program shall be administered, as follows: 1. Each position in the bargaining unit shall consist of forty (40) equal steps from minimum to maximum salary. 2. Movement from one step to the next higher step shall occur only through the awarding of performance based compensation, consistent with an employee’s performance over the past year as regularly codified in performance evaluation. (See Article XL, Employee Performance Evaluation). 3. The merit pool shall consist of monies equivalent to 1.5% of the base composite salary of the bargaining unit as of June 1st of the year prior to the year of award. The merit pool shall exclude salaries of employees separated from employment as of June 30 of the year prior to the year of the award. 4. The merit pool amount will be distributed at the Executive level based upon the proportionate salary pool in the respective Executive area (excluding the employees separated from employment as of June 30.) Whether awarded on the Department(s) or Division(s) basis as determined by the appropriate Executive, within the Department(s) or Division(s), those rated ER will be awarded more steps than those rated MS. 5. The maximum award to an individual shall be three (3) steps (for MS) to five (5) steps (for ER) in any given year of this Program as set forth below.
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Merit Compensation Program. In each of the years of this Agreement, there shall be a Merit Compensation Program available to all employees in the bargaining unit with at least one (1) year of service as of July 1st of the year of award. The Program shall be administered, as follows:
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Merit Compensation Program. In each of the years of this Agreement, there shall be a Merit Compensation Program available to all employees in the bargaining unit with at least one (1) year of service as of July 1 of the year of award. The Program shall be administered, as follows: 1. Each position in the bargaining unit shall consist of forty (40) equal steps from minimum to maximum salary. 2. Movement from one step to the next higher step shall occur only through the awarding of performance based compensation, consistent with an employee’s performance over the past year as regularly codified in performance evaluation. (See Article XL, Employee Performance Evaluation). 3. The merit pool shall consist of monies equivalent to 1.5% of the base 4. The maximum award to an individual shall be five (5) steps in any given year of this Program. 5. An employee at the 38 for an award in: step of his/her respective salary range is eligible a. A non-salary base, merit bonus up to the value of five (5) steps in any given year of this Program. b. Base salary merit up to the value of two (2) steps upon the recommendation of the Merit Review Committee and the concurrence by the President. 6. All monies pooled for distribution will be paid over to eligible members of the bargaining unit. a. A minimum of eighty percent (80%) of the merit pool will be distributed in Step or Step equivalent cash awards as set out above and according to the final certified performance evaluation rating. b. A maximum of twenty percent (20%) of the merit pool may be distributed, at the discretion of the Employer in cash awards less than the value of a Step or Step equivalent cash award, accompanied by a written rationale for the award to be provided to the union upon request.
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Related to Merit Compensation Program

  • Incentive Compensation Plan In addition to receipt of Basic Compensation under the Employment Agreement, you shall participate in the Incentive Compensation Plan for Executive Officers of the Company (the “Compensation Plan”) and shall be eligible to receive incentive compensation under the Compensation Plan as may be awarded in accordance with its terms.

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Short-Term Incentive Compensation In addition to the foregoing Base Salary, the Executive shall be eligible during the Term to receive cash short-term incentive compensation, determined and payable in the discretion of the Compensation Committee of the Board. At least annually, the Compensation Committee shall consider awarding short-term incentive compensation to the Executive.

  • Compensation Plans Following any termination of the Executive's employment, the Company shall pay the Executive all unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination under any compensation plan or program of the Company, at the time such payments are due.