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v " <br />Page 11 of 13 <br />Subject: LONGEVITI' OR STABILITY PAY <br />1. Longevity or Stability Pay is a reward for length of <br />continuous service with the city. It is calculated on the basis <br />of $1.00 for each month of continuous service. <br />2. On the first of Decem~ner each year all permanent <br />employees who have completed one year's service will receive <br />$1.00 for each month of prio^r service. Each succeeding year <br />employee will receive $1.00 per month from beginning work for <br />continuous service. <br />Example: Should an employee begin work in August of <br />1970, in August of 1971 he or she will have completed one year's <br />service; so on December 1st, 1971, employee will receive $17.00 <br />(5 + 12 17) ; on December 1st, 1972, employee will receive <br />$29.00 •( 5 + 12 + 12 = 29) . <br />3, Longevity is paid for length of service, for completing <br />another year s wore. For this reason no longevity is paid when• <br />an employee quits or is relieved of his duties with the city, <br />however, full longevity for final year of employment will be paid <br />when an employee~exerc~ses his rights to municipal retirement. <br /> <br />~. <br />