Payment Formula and Leave. The payment of salary, fringe benefits and the timing of the one (1) year leave of absence shall be as follows: (i) During the years of the plan prior to taking the leave, an employee will be paid 80% of their proper hourly wage and applicable allowances calculated each pay. The remaining 20% of hourly wage and applicable allowances calculated each pay will be accumulated and invested by the Employer in an individual leave plan account. This account will also accumulate interest. (ii) The calculation of interest for the leave plan account shall be done monthly (not in advance), at the highest savings account rate of the bank with which the Employer deals. (iii) The employee will be provided with an annual statement of their leave plan account each July showing principal and interest earned as of June 30th; however the employee does not have access to or a right to the principal funds in the leave plan account until the leave (5th year), or withdrawal from the leave plan.
Appears in 2 contracts
Sources: Collective Agreement, Collective Agreement