Common use of Merit Compensation Program Clause in Contracts

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.

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 20162012, the merit pool for Lieutenants will be set at 1%. (ii) Effective the first full pay of the Fiscal Year 20172013, the merit pool for Lieutenants will be set at 1%. (iii) Effective the first full pay of the Fiscal Year 20182014, the merit pool for Lieutenants will be set at 1%. (iv) Effective the first full pay of the Fiscal Year 20192015, 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.