20-297D 20-297D . . . Compensation Program for Officers and Certain Key Management Personnel which is administered by Chief Executive Officer with approval of Compensation Committee. Participants receive variable compensation tied directly to achievement of key corporate-wide objectives. Participants fall within either Band A, Band B, or Band C depending on nature of their positions and their impact on corporation. Opportunities for variable compensation awards vary depending upon which "Band" participant falls into. Awards can range from 12.5% to 75% of base salaries. Plan provides that awards will not be paid unless earnings, after subtracting variable compensation, are greater than dividends paid in year for which variable compensation is to be awarded. Awards are paid in cash, stock grants and restricted stock (no transferability during first five years after grant and forfeiture of stock upon termination of employment, except for retirement, death or disability, during first years after grant)
Maine Compensation Program for Officers and Certain Key Management Personnel with attachments
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The longevity pay amount shall be computed on the salary as of the last day worked; then it is prorated by an amount equal to the proportion of the year worked toward the annual eligibility date. Example: The employee will receive 1/12 of the annual amount for each month worked toward the next longevity payment.
Longevity pay is additional wages, salary, or another form of compensation given to an employee or worker based on the length of their service. Longevity pay is determined in contractual agreements reached between an employer and employee ing to the employee's level of seniority.
Confidential employees with twenty (20) years of State service are eligible to receive an annual longevity payment of $832.00.
Longevity pay amounts are computed by multiplying the employee's annual base salary rate as of the eligibility date by the appropriate percentage rounded to the nearest dollar in ance with the following table.
Average State of Maine hourly pay ranges from approximately $15.88 per hour for Research Assistant to $75.00 per hour for Sonographer. The average State of Maine salary ranges from approximately $42,500 per year for Security Officer to $129,456 per year for Operations Associate.
Employers typically give their employees longevity raises to recognize and reward the length of their tenures. Increases in pay may be given annually; they're also awarded when employees reach significant employment anniversaries.