Q: How long will it take for the Company to implement changes, including with pay components? Are there any implementation penalties?
The new pay rates go into effect right away. Retro will also be paid right away, on the first major payroll date after DOR – September.
Other pay provisions – most would go into effect in very short order, generally the following day (8/15). We are actively meeting with the Company to determine an implementation schedule for all changes.
There are technically no implementation penalties, but the Company has committed to retroactively paying any compensation that isn’t updated immediately.