Sick Leave in Application to Final Average Salary Sample Clauses

The 'Sick Leave in Application to Final Average Salary' clause defines how periods of sick leave are treated when calculating an employee's final average salary, typically for purposes such as retirement or severance benefits. In practice, this clause may specify whether paid or unpaid sick leave is included or excluded from the salary calculation, and may outline adjustments to the average if sick leave results in reduced earnings during the relevant period. Its core function is to ensure fairness and consistency in determining final compensation by clarifying the impact of sick leave on salary calculations, thereby preventing disputes or misunderstandings.
Sick Leave in Application to Final Average Salary. In accordance with the terms 26 of ORS 238.350 one-half (1/2) of the value of accumulated sick leave with pay will be 27 applied to final average salary for the purpose of pension benefit determination. 1 ARTICLE 13
View SourceView Similar (22)

Related to Sick Leave in Application to Final Average Salary

  • Accrued 100% sick leave The use of sick leave under this subsection is at the employee's discretion.

  • Annual Salary Executive's compensation shall consist of an annual base salary (the "Annual Salary") of one hundred fifty thousand dollars ($150,000), before all customary payroll deductions. The Annual Salary shall be reviewed, and shall be subject to change, by the Board of Directors of Employer (or the Compensation Committee thereof) at least annually while Executive is employed hereunder.

  • Vacation Earnings for Partial Years ‌ (a) During the first partial year of service a new employee will earn vacation at the rate of one and one-quarter days for each month for which they earn 10 days' pay. (b) During the first and subsequent vacation years an employee will earn one-twelfth of the annual entitlement for each month in which the employee has received at least 10 days' pay at straight-time rates. Where an employee has taken more vacation than earned, the unearned portion taken shall be charged against future earned credits or recovered upon termination whichever occurs first.

  • Annual Compensation The Executive’s “Annual Compensation” for purposes of determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year immediately preceding the year in which the Date of Termination occurs.

  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.