What is the payment of longevity?

Longevity is a contractual agreement according to which the employee receives compensation according to the seniority. The way this compensation is distributed is very different between different companies. Most organizations have a policy that outlines the amount to be paid, a percentage of increase and depending on what payments will be made. Payment is often considered to be a means of reimbursement to workers who have contributed significantly. Sometimes it should also reward loyalty and promote continuing employee satisfaction.

In most situations, long -term payment is provided only to full -time employees. The purpose is to encourage the main artist of the company. Payments are also usually devoted to a certain number of years. Most programs will end after about 40 years, because it is when many workers retire.

Payment of longevity usually begins with an employee has been in the company for several years. The way in which compensation is calculated and paid depends on the Politics spolthe ectober. Some organizations have set monthly amounts for each level of seniority, while others determine the payment based on the percentage of the employee's salary.

6 For example, an employee who has been in the company for two years can get one monthly amount, while another who has worked there twice as long can double this payment. With this type of system, there is an increase in similar additions that are constantly increasing until the employee leaves or reaches the retirement age.

Another way to determine the salary of longevity is to establish compensation for the percentage of the employee's salary. This may be determined only on the annual salary or may include all other forms of compensation such as bonuses. This method is often made every year, for example during performance control or when the employee receives an increase.

In some cases, the company may have positions.Paying longevity is usually adjusted according to these limits. For example, an employee who has received an increase that almost reaches the ceiling for that position