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9 • <br />Page 10 of 12 <br />SUBJECT: LONGEVITY 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 <br />the basis of $3.00 for each month of continuous service. <br />2. On the first of December each year all permanent employees <br />who have completed one year's service will receive $3.00 <br />for each month of prior service. Each succeeding year <br />employees will receive $3.00 per month from beginning <br />work for continuous service. <br />Example: Should an employee begin work in August <br />of 1970, in August of 1971 he or she will <br />have completed one year's service, so on <br />December 1st, 1971, employee will receive <br />$51.00 (5 + 12 = 17 X 3): on December lst, <br />1972 employee will receive $87.00 (5 + 12 + <br />12 = 29 X 3) . <br />3. Longevity is paid for length of service, for completing <br />isanother year's work. For this reason no longevity is <br />paid when an employee quits or is relieved of his duties <br />with the City, however, full longevity for final year of <br />employment will be paid when an employee exercises his <br />rights to municipal retirement. <br />