Salary Reduction Sample Clauses
A Salary Reduction clause allows an employer to decrease an employee's salary under specified circumstances. Typically, this clause outlines the conditions under which a reduction may occur, such as changes in business needs, financial hardship, or performance issues, and may set limits on the amount or frequency of reductions. Its core practical function is to provide flexibility for employers to adjust compensation in response to changing organizational or economic conditions, while also informing employees of the potential for such changes.
POPULAR SAMPLE Copied 14 times
Salary Reduction. A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.
Salary Reduction. Salary Reduction is the reduction of an employee’s base compensation to a lower salary step within the employee’s current salary range for a specified period of time.
Salary Reduction. Salary reduction for days absent and not covered by the foregoing leave shall be at the rate of 1/186th (1/188th) of the annual salary.
Salary Reduction. The reduction in pay of up to 5% for an established period of time.
Salary Reduction. Employees who are placed in lower salary grades pursuant to this Article shall have their pay reduced by no more than five percent (5.0%) per pay grade but in no case shall pay be reduced below minimum rate for the salary grade. Placement in the salary grade shall be at the corresponding step level appropriate to the employee’s longevity in that classification.
Salary Reduction. By virtue of this Agreement there will be no automatic reduction of any salary without the consent of both parties, except in regard to positions of responsibility.
Salary Reduction. 1. Teacher salaries as designated in the teacher salary schedule shall be available for use in an IRC Section 125 Salary Reduction Plan as adopted.
2. Available benefits under salary reduction shall include:
a. term life insurance
b. health insurance premiums c. dental insurance premiums
Salary Reduction. Participants shall be entitled to select (by completing the Employee's Selection Form) any one or a combination of benefits as provided. Any teacher failing to select benefits, or selecting benefits that cost less than the employer- allocated amount, shall have such funds automatically paid in cash and subject to applicable state and federal taxes. Benefit costs exceeding the amount allocated under Section 1 can include up to $1,666.66 per month salary reduction or a maximum of $20,000 per year.
Salary Reduction. If you select salary reduction, you are using the tax-deferred method of annuity contribution. Your taxable income is reduced by the amount contributed to retirement; therefore, you pay less in tax dollars. The annuity contribution is not tax free, but is '~deferred~' until you begin receiving the annuity as income. The rationale for tax-deferring your retirement contribution is that at retirement your income may be less thereby putting you in a lower tax bracket (assuming the tax structure is similar to that now in place).
Salary Reduction. The Salary Reduction Agreement (SRA) is utilized to establish, change or cancel salary reduction withheld from your paycheck and contributed to the 457(b) plan on your behalf. Please check the appropriate boxes listed below and list the beginning of the month in which you intend your contributions to begin under the Effective Date. To change, begin, or cancel contributions, enter your desired amount(s) and investment provider(s). This SRA will cancel and replace any previously submitted 457(b)