Common use of Service Vacations Clause in Contracts

Service Vacations. In addition to his annual vacation, each employee who completes continuous service of twenty-five years shall be entitled to a service vacation of three weeks with pay. Pay will be calculated at the em- ployee’s basic rate in effect on the day of his entitlement. Each employee shall be similarly entitled to such ser- vice vacation upon completion of each five-year pe- riod of continuous service subsequent to date of his/ her first entitlement. Each employee who under this Article has become entitled to a service vacation shall take this vacation at a time approved by the Company during the year of entitlement or the three year period immediately fol- lowing the year of entitlement. This vacation may be taken in one-week blocks. An employee who is entitled to service vacation may waive taking any week of service vacation by signing an irrevocable waiver and presenting it to the Compa- ny. When such employee retires, he/she will be paid a lump sum amount equal to forty (40) hours pay for each week which was waived at his basic rate in ef- fect on the date of his/her retirement. or An employee may request to waive any week (s) of service vacation to which they are entitled by signing an irrevocable waiver to the human resources depart- ment. Payment for each week (s) waived will be pro- vided at the employee’s basis rate in effect at time of entitlement X 40 hours

Service Vacations. In addition to his annual vacation, each employee who completes continuous service of twenty-five years shall be entitled to a service vacation of three weeks with pay. Pay will be calculated at the em- ployee’s basic rate in effect on the day of his entitlement. Each employee shall be similarly entitled to such ser- vice vacation upon completion of each five-year pe- riod of continuous service subsequent to date of his/ her first entitlement. Each employee who under this Article has become entitled to a service vacation shall take this vacation at a time approved by the Company during the year of entitlement or the three year period immediately fol- lowing the year of entitlement. This vacation may be taken in one-week blocks. An employee who is entitled to service vacation may waive taking any week of service vacation by signing an irrevocable waiver and presenting it to the Compa- ny. When such employee retires, he/she will be paid a lump sum amount equal to forty (40) hours pay for each week which was waived at his basic rate in ef- fect on the date of his/her retirement. or An employee may request to waive any week (s) of service vacation to which they are entitled by signing an irrevocable waiver to the human resources depart- ment. Payment for each week (s) waived will be pro- vided at the employee’s basis rate in effect at time of entitlement X 40 hours