RATES DEFINED. 1. For the purposes of this section, the hourly rate shall be defined as follows: a. For employees working a 37.5-hour work week or 37.5-hour work week base, the hourly rate shall be the biweekly rate divided by 75. b. For employees working a 40-hour work week, or 40-hour work week base, the hourly rate shall be the biweekly rate divided by 80. c. For employees working on an hourly rate basis, the hourly rate is reflected in appendices attached hereto. 2. For purposes of this section, the Fair Labor Standards Act regular rate shall be defined as follows: An employee’s regular rate shall include in addition to his/her hourly rate as defined in C. 1 any applicable footnote and any applicable premium payment pursuant to Section 12. and Section 13.B. of this Memorandum of Understanding.
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Sources: Memorandum of Understanding, Memorandum of Understanding