PYRAMIDING OF PREMIUM PAY Sample Clauses

The 'Pyramiding of Premium Pay' clause defines how multiple forms of premium or overtime pay are calculated when an employee qualifies for more than one type of premium compensation for the same hours worked. Typically, this clause prevents employees from receiving compounded or 'stacked' premium payments for the same time period; for example, if an employee works on a holiday and overtime simultaneously, they would receive only the higher of the two applicable premium rates, not both added together. The core function of this clause is to ensure fair and consistent compensation practices while preventing double payment for the same work, thereby controlling labor costs and avoiding disputes over pay calculations.
PYRAMIDING OF PREMIUM PAY. 33.1. There shall be no duplication or pyramiding of any premium rate set forth in this Agreement.
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PYRAMIDING OF PREMIUM PAY. There shall be no Agreement. duplication or pyramiding of any premium rate set forth in this Effective Effective Effective 1/1/2008 1/1/2009 1/1/2010 Start $13.67 $14.08 $14.50 90 Day $13.80 $14.22 $14.64 1 Year $14.18 $14.61 $15.05 2 Years $14.71 $15.15 $15.60 3 Years $15.26 $15.72 $16.19 4 Years $15.83 $16.31 $16.80 5 Years $16.43 $16.92 $17.43
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Related to PYRAMIDING OF PREMIUM PAY

  • Premium Payments The insurance companies shall have no recourse against the County and funding agencies, its officers and employees or any of them for payment of any premiums or assessments under any policy issued by a mutual insurance company.

  • Allocation of Premiums No premium shall be paid under the Bond unless the Board of Trustees of the Trust, including a majority of those Trustees who are not “interested persons” of the Trust as defined by Section 2(a)(19) of the 1940 Act, shall approve the portion of the premium to be paid by the Trust, on behalf of each Fund. The premium payable on the Bond shall be allocated between the Trust and the Manager as determined by the Board of Trustees of the Trust.

  • Premium Pay “Premium Pay” is a special pay rate for working during times that are less desirable, such as weekends, holidays or late shifts. The City will not pay the Consultant Premium Pay.

  • Premium Payment The Bank shall pay any premiums due on the Policy.

  • Payment of Premium Unless otherwise agreed in writing by the Parties, the Buyer shall be obligated to pay the Premium related to an Option no later than its Premium Payment Date.