Payment Formula and Retention of Deferred Salary Sample Clauses
The "Payment Formula and Retention of Deferred Salary" clause defines how an employee’s salary is calculated and specifies the conditions under which a portion of that salary may be withheld and paid at a later date. Typically, this clause outlines the formula used to determine total compensation, details the percentage or amount of salary to be deferred, and sets forth the schedule or triggers for eventual payment of the retained amount. Its core practical function is to provide transparency and predictability regarding compensation, while also allowing the employer to manage cash flow or incentivize employee retention by deferring part of the salary.
Payment Formula and Retention of Deferred Salary a) In each year of the DSLP preceding the year of leave, a teacher shall be paid a reduced percentage of salary.
b) The remaining percentage of annual salary (maximum 33 1/3 % of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the teacher and the Board.
c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The teacher shall receive twice-yearly statements showing the total deferred salary plus accumulated interest.
d) The deferred salary shall be paid to the teacher in the year of leave, in the same manner as his/her salary would be or in a manner mutually agreeable to the teacher and the Board. Interest accrued prior to the leave shall be paid in a lump sum.
e) Interest accrued during the year of leave shall be paid to the teacher in the year it is earned.
Payment Formula and Retention of Deferred Salary a) In each year or half year of the DSLP preceding the year or half year of leave, the appropriate proportion of salary and allowances will be retained by the Board and held in trust for the teacher to be paid out during the period of the leave. The reduced percentage of salary paid in the years preceding the leave is calculated as follows: [n/(n+1)] x 100% of the salary and applicable allowances normally earned. Interest earned on the deferred salary shall be paid to the teacher in accordance with Revenue Canada regulations and guidelines.
b) During the period of the leave, the Board shall pay the teacher the accumulated monies held in trust for the teacher in either,
i. instalments conforming to the regular pay periods and in the proportional amounts set forth in Article 10 for the period of leave, or
▇▇. ▇▇▇ or two lump sums, if requested by the teacher in special, extenuating circumstances.
Payment Formula and Retention of Deferred Salary a) In each year of the DSLP preceding the year of leave, a Member shall be paid a reduced percentage of salary.
b) The remaining percentage of annual salary (maximum 33 1/3 of salary) shall be placed in an individual trust account in an investment plan mutually agreeable to the Member and the Board.
c) The interest earned annually shall be kept separate from the deferred salary and reported in the year earned in accordance with the requirements of Revenue Canada. The Member shall receive twice- yearly statements showing the total deferred salary plus accumulated interest
d) The deferred salary shall be paid to the Member in the year of leave, in the same manner as her/his salary would be or in a manner mutually agreeable to the Member and the Board. Interest accrued prior to the leave shall be paid in a lump sum.
e) Interest accrued during the year of leave shall be paid to the Member in the year it is earned.
Payment Formula and Retention of Deferred Salary. In each year the DSLP preceding the year of leave, a Teacher shall be paid a reduced percentage of salary.