ROUNDING OF MONTHLY SALARIES. Any change to the Faculty Member’s salary shall be based on the current monthly rate and the resulting salary shall be rounded to the nearest whole dollar as follows: 1. If the salary adjustment computation results in a decimal amount equal to 50 cents or more (based on rounding to the nearest cent), the resulting monthly salary shall be rounded up to the next whole dollar (e.g. $8655.25 x 1.08 = $9347.67 rounded to $9348.00). 2. If the salary adjustment computation results in a decimal amount equal to 49 cents or less (based on rounding to the nearest cent), the resulting monthly salary shall be rounded down to the lower whole dollar (e.g. $5678.86 x 1.08 = $6133.28 rounded to $6133.00). 3. If multiple salary adjustments occur on the same day, the rounding shall occur at the end of the calculation.
Appears in 3 contracts
Sources: Employment & Human Resources, Collective Bargaining Agreement, Collective Bargaining Agreement
ROUNDING OF MONTHLY SALARIES. Any Effective beginning January 1, 2010, any change to the Faculty Member’s Member‘s salary shall be based on the current monthly rate and the resulting salary shall be rounded to the nearest whole dollar as follows:
1. If the salary adjustment computation results in a decimal amount equal to 50 cents or more (based on rounding to the nearest cent), the resulting monthly salary shall be rounded up to the next whole dollar (e.g. $8655.25 x 1.08 = $9347.67 rounded to $9348.00).
2. If the salary adjustment computation results in a decimal amount equal to 49 cents or less (based on rounding to the nearest cent), the resulting monthly salary shall be rounded down to the lower whole dollar (e.g. $5678.86 x 1.08 = $6133.28 rounded to $6133.00).
3. If multiple salary adjustments occur on the same day, the rounding shall occur at the end of the calculation.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement