Subject to the exceptions outlined below, payments of the Retention Incentive to eligible Employees who applied to participate in the Program and agreed to the terms and conditions for participation prior to the application deadline will occur in two installments:
- The first payment will be made to eligible Employees at the beginning of the Program; and
- The second payment will be made on or around the seventh (7) month of the program. For clarity, this would be March 2023 for employees hired on or prior to September 4, 2022, and July 2023 for employees hired on or after September 5, 2022 to December 31, 2022.
The calculation of the Retention Incentive will be prorated based on hours worked by the employee in their bargaining unit (i.e. PEINU). To achieve the maximum amount, the employee must work 1950 hours within the one (1) year Program Term.
As Retention Incentive Payments are being made in advance, the eligible Employee’s permanent FTE will be used to estimate the payment amounts. This will require Health PEI to conduct a payroll reconciliation of over or underpayments at the end of the Program Term. Health PEI will compensate any eligible Employees in the event that the payroll reconciliation determines that they were underpaid their applicable Retention Incentive. Any overpayment of the Retention Incentive will be deducted from the Employee’s salary in such bi-weekly payment increments as may be satisfactory to Health PEI and the Employee, provided the repayment schedule is completed within twelve (12) months of the Program end date.
For purposes of clarity, if the eligible employee is a Registered Nurse and holds a permanent 0.8 FTE at the time of payment the calculation of the advanced payments would be as follows:
- Payment 1: 0.4 X $3500 = $1400
- Payment 2: 0.4 X $3500 = $1400
In the event that an eligible Employee voluntarily leaves employment with Health PEI or has their employment terminated for just cause during the Program Term, the Employee will be required to repay any received Retention Incentive Payments to Health PEI. Where applicable, the Employee’s received Retention Incentive Payments will be set off against any monies owed by Health PEI to the Employee as a result of the Employee’s termination of employment.