Article / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 / 17 /
Appendix / A / B / C / D / E /
Letter of Understanding / 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10 / 11 / 12 / 13 / 14 / 15 / 16 /
As of January 1, employees with three (3) or more years of seniority shall receive a vacation bonus payable in cash and equal to twenty percent (20%) of such employee's normal vacation payment.In the event any employee who has benefit service (as defined in the Guaranteed Wage Plan annexed hereto) is expected to be laid off during any calendar year, the Company and the Union shall discuss the matter and, if the Union agrees, instead of cash vacation bonus payments hereunder, time off with pay may be scheduled for certain of the employees who would otherwise be entitled to such payment.
The manner in which such time off with pay is to be scheduled shall be:
It is understood and agreed that the foregoing shall be implemented on a reverse seniority basis.
- Firstly, to alleviate the lay-off of the affected employee; and
- Lastly, to alleviate the lay-off of employees with less seniority who have attained Benefit Service.
Such discussions shall be held in the month of December of each year (and at such other times as the parties may agree) to determine to what extent vacation time off with pay should be scheduled in lieu of payment of cash vacation bonuses to alleviate layoff of junior employees having Benefit Service.
Should the Union decide to use vacation bonus credits to stabilize the employment of employees, the outstanding vacation bonus entitlement will not be paid off prior to December 15th. If, however, the Union decides to use the vacation bonus entitlement as a straight cash supplement to vacations, the bonus will be paid in cash at the time of the employee's vacation.