Common use of RATES DEFINED Clause in Contracts

RATES DEFINED. 1. For employees working a 40 hour workweek, the hourly rate shall be the monthly base salary multiplied by 12 and divided by 2,080. For employees working an average 56 hour workweek, the hourly rate shall be the monthly base salary multiplied by 12 and divided by 2912. 2. An employee's FLSA regular rate shall include in addition to the hourly rate as defined in Section 6.C.1., any applicable premium payment pursuant to Sections 15.B, 15.C, 15.E and 16 of this Memorandum.

RATES DEFINED. 1. For employees working a 40 hour workweek, the hourly rate shall be the monthly base salary multiplied by 12 and divided by 2,080. For employees working an average 56 hour workweekwork week, the hourly rate shall be the monthly base salary multiplied by 12 and divided by 2912. 2. An employee's FLSA regular rate shall include in addition to the hourly rate as defined in Section 6.C.1., any applicable premium payment pursuant to Sections 15.B, 15.C, 15.E and 16 of this Memorandum.