Common use of Wage Premium in Lieu of Benefits Clause in Contracts

Wage Premium in Lieu of Benefits. In lieu of all benefits set forth in this Agreement, a part-time employee may elect a fifteen percent (15%) wage premium above the straight time hourly rate of pay. This election must occur within ten (10) days of employment and between the dates of October 1 and October 10 in each subsequent year thereafter, providing the employee presents the Employer with written evidence that the employee is covered by health insurance elsewhere. Employees changing from benefits status to premium pay in lieu of benefits shall be paid any accrued Paid Time Off (PTO) at the time of the status change. Should an employee who is receiving the fifteen percent (15%) wage premium want to revert back to receiving pro rata benefits status that election shall occur only between October 1 and October 10 of each year, unless the employee demonstrates a loss of alternate health care insurance coverage and no availability of COBRA rights. The term "benefits" shall include Paid Time Off- Extended Illness Time (Article 10), paid leaves of absence and tuition reimbursement (Article

Wage Premium in Lieu of Benefits. In lieu of all benefits set forth in this Agreement, a part-time employee may elect a fifteen percent (15%) wage premium above the straight time hourly rate of pay. This election must occur within ten (10) days of employment and between the dates of October 1 and October 10 in each subsequent year thereafter, providing the employee presents the Employer with written evidence that the employee is covered by health insurance elsewhere. Employees changing from benefits status to premium pay in lieu of benefits shall be paid any accrued Paid Time Off (PTO) at the time of the status change. Should an employee who is receiving the fifteen percent (15%) wage premium want to revert back to receiving pro rata benefits status that election shall occur only between October 1 and October 10 of each year, unless the employee demonstrates a loss of alternate health care insurance coverage and no availability of COBRA rights. The term "benefits" shall include Paid Time Off- Off-Extended Illness Time (Article 10), paid leaves of absence and tuition reimbursement (ArticleArticle 14) and insurance policies (Article 12). Employees electing benefits will be subject to the benefit plan conditions and requirements.