Vacation Buy Backs and Retro
An update on the implementation of a couple of the provisions of the new contract at Factiva.
First: the vacation "buy-backs." You have the option of "selling back" a total of one week of vacation time a year to the company.
Going forward there will be two buy-back periods each year. The deadline for the first will be May 1st with the pay-out coming in the first payroll of June. The second deadline will be November 1st with a pay-out coming in the first payroll of December.
Since the May 1st deadline has already passed, for this year the first deadline will be June 15th with a pay-out in the middle of July. The second deadline will be unchanged: November 1st.
You need to e-mail Sharlena Coles (Sharlena.Coles@factiva.com) with your request.
Second: retro payments.
The new Factiva contract provides for a compensatory increase of 3.5% for 2006, retroactive to January 1st. The Company is now in the process of calculating the difference between the 3.5% compensatory increase provided in the contract and the 2.5% increase that Factiva initially budgeted and started paying on January 1, 2006. They are targeting a pay-out in the first payroll of July.
The retro payments will also reflect the agreed changes in shift-differential, stand-by pay and overtime. Going forward, Payroll will continue to apply the new rates.