PTO CALCULATION Clause Samples

PTO CALCULATION. The amount of PTO is calculated by multiplying the PTO Accrual Rate Per Hour Paid by all hours paid (including holiday, PTO, jury duty, bereavement leave and overtime hours) each biweekly pay period (up to the stated maximum per calendar year). a) The maximum number of hours that vests each pay period can be calculated by dividing the employee's maximum accrual by twenty-six (26). The employee vests in accrued PTO based on a maximum of seventy-two (72) hours per biweekly pay period (for employees working fewer than twelve (12) hour shifts the maximum is eighty (80) hours per bi-weekly pay period). Any PTO accruals that exceed the biweekly limit will be carried over to vest in a following pay period in which the employee has fewer paid hours than the biweekly limit. b) PTO will not accrue during unpaid time or when an employee is on an authorized leave of absence unless otherwise required by law. c) The maximum amount of banked PTO an employee may have on the books at any given time will be one hundred-sixty (160) hours. PTO will stop accruing when the employee's PTO balance reaches the combined maximum balance or the calendar year maximum accrual, whichever occurs first. PTO will resume accruing when the employee begins to use PTO and reduces the combined balance below the allowed maximums, so long as the calendar year maximum accrual has not been met. During any period that an employee's PTO account balance and/or annual accrual have reached allowed maximums, PTO does not accrue and any forfeited hours are not added retroactively to the employee's PTO account.
View SourceView Similar (3)

Related to PTO CALCULATION

  • Payment Calculation District shall pay Contractor at a rate of $ per . District shall pay Contractor as described in attached Exhibit A

  • Interest Calculation Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding principal balance.

  • Calculation Any figure or percentage referred to in this Agreement shall be carried to seven decimal places.

  • Interest Calculations Interest shall be calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and shall accrue daily commencing on the Original Issue Date until payment in full of the outstanding principal, together with all accrued and unpaid interest, liquidated damages and other amounts which may become due hereunder, has been made. Interest hereunder will be paid to the Person in whose name this Note is registered on the records of the Company regarding registration and transfers of this Note (the “Note Register”).

  • Financial Covenant Calculations The parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any applicable period with the financial covenants set forth in Section 6.7 and for purposes of determining the Applicable Margin, (i) after consummation of any Permitted Acquisition, (A) income statement items and other balance sheet items (whether positive or negative) attributable to the target acquired in such transaction shall be included in such calculations to the extent relating to such applicable period (including by adding any cost saving synergies associated with such Permitted Acquisition in a manner reasonably satisfactory to the Agent), subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness of a target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations and deemed to have been retired as of the first day of such applicable period and (ii) after any Disposition permitted by Section 6.8), (A) income statement items, cash flow statement items and balance sheet items (whether positive or negative) attributable to the property or assets disposed of shall be excluded in such calculations to the extent relating to such applicable period, subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness that is repaid with the proceeds of such Disposition shall be excluded from such calculations and deemed to have been repaid as of the first day of such applicable period.