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UOIT HUMAN RESOURCES POLICIES Academic Staff ...

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5. Salary Progression FrameworkA salary floor, or minimum, will be reviewed and, if necessary, updated, annually.The floor will be based on the current market rate for a newly graduated Ph.D., andmay vary by academic discipline.6. Variable PayVariable pay is the primary means of reinforcing the university' s market focus andentrepreneurial spirit. In contrast to the objectives for base salary, the variable payprograms serve a different function. Variable pay:Recognizes the risk associated with joining a new academic institution byproviding a better-than-competitive total compensation opportunity, includingthe provision of above-market rewards for performance linked to helping buildthe university.Stimulates and rewards the contribution that contract research makes to theinfrastructure costs of the university. Variable pay is designed to motivatefaculty members to secure and conduct contract research in ways that areconsistent with the values of the institution.Shares success by recognizing collaborative efforts and ensuring that allcollaborators share the rewards of these efforts appropriately. Variable pay alsoallows the university to recognize individual successes that reinforce theinstitution' s collective mission and goals.Under the university' s variable pay program, faculty members have the opportunityto earn an additional amount up to 25% of annual base salary (i.e. the equivalent ofthree months' pay).The program will be funded from external sources by structuring one or moreresearch contracts to include a fee component that will be paid directly to thefaculty member(s) securing the contract.III.PENSIONThe university will administer a defined contribution pension plan registered under the PensionBenefits Act (Ontario).EligibilityEvery faculty member is required to join the plan on the date of hire. Both the University andfaculty members shall continue to make contributions in accordance with the Pension Planrequirements as set out in this section for those faculty members who have postponed theirretirement beyond their Normal Date of Retirement (NDR), which is the June 30 th following astaff member's 65 th birthday. However, pursuant to the Income Tax Act, faculty members will berequired to commence pension benefits no later than the end of the calendar year in which a<strong>UOIT</strong> <strong>HUMAN</strong> <strong>RESOURCES</strong> <strong>POLICIES</strong>

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