Optional annual service bonus and savings scheme (excluding T1 contract staff)
UCT offers an optional service bonus which forms part of your COE and which is paid annually in November. The service bonus is calculated as the Benefit Amount (BA) divided by 13 (BA = 70% of COE). The service bonus is payable to staff on a pro-rata basis upon termination of service i.e. resignation prior to 30 November in a year. Staff may elect to have the service bonus as an allocation from their COE paid in November each year or on a monthly basis. A staff member may elect this option during the annual COE review or when their COE changes as a result of a contract change or when they receive a new COE schedule.
Staff who wish to set aside additional savings may elect to do so via the annual increase exercise in January each year. Contributions are deducted from January to October and the saved amount is refunded to the staff member in November. If selected, the additional savings option may not be changed until the following January. If a staff member opts out of the savings scheme, they will not be permitted to join again.
Page last updated: 19 November 2014