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)
Oregon Compensation Program for Officers and Certain Key Management Personnel with attachments
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FAQ
Oregon AFSCME represents 7,000 workers in 22 state offices or departments, including 3,300 who will be covered under this contract. The terms of the agreements are similar. Under both, workers would receive a 6.5% cost of living adjustment (COLA) in December 2023 and a 6.55% COLA in January or February 2025.
6.55% COLA increase in December 2023: One of the standout victories of this contract is the substantial 6.55% COLA scheduled for December 2023. This increase ensures that state workers will see a tangible boost to their income, helping them keep pace with the rising cost of living.
A salary range is established for each classification or skill level. Salary ranges specify the minimum, maximum, and service salary maximum salaries which can be paid for a classification or skill level.
Classified service includes clerical, crafts, administrative, professional, technical, service and trades professions. Unclassified Service, which includes the teaching, research, and professional faculty. Student Employment, which includes hourly student employees and graduate assistants.
Our 12% pay raise schedule is as follows: 5.5% (plus $1,275 bonus) in 2022. 3.25% in 2023 ? IN OCTOBER. 3.25% in 2024.
$1,500 COLA bonus in September 2023: To provide immediate relief and recognize the incredible efforts of state workers, the contract includes a $1,500 COLA bonus scheduled for September 2023.
Merit pay, also known as pay-for-performance, is defined as a raise in pay based on a set of criteria set by the employer. This usually involves the employer conducting a review meeting with the employee to discuss the employee's work performance during a certain time period.
Wage Increases The average Arete worker will see an 18% increase over the life of the contract. On 1/1/2023, 1/1/2024, and 1/1/2025, all workers will get a 3% COLA plus one step up the wage scale, equal to an additional 3%. Any employee who is paid above the wage scale will receive a 4% wage increase.