The formula for employees with five (5) and up to seven (7) years is:
Completed years of uninterrupted service (up to seven years) X .0025 X hourly rate X scheduled work week (e.g., 40) X 52 (weeks of the year) OR $500, whichever is less.
For employees with seven (7) and up to fifteen (15) years:
Completed years of uninterrupted service (up to fifteen years) x .0025 x hourly rate x scheduled work week x 52 weeks of the year OR $1000, whichever is less.
The formula for employees with more than fifteen (15) years of service is:
Completed years of uninterrupted service x .0025 x hourly rate x scheduled work week x 52 weeks OR $1500, whichever is less.