longevity pay

Definition

A contractual agreement to provide annual compensation to an employee based on seniority. Longevity pay is often given to employees at the top of the pay scale as compensation for their service.

Use longevity pay in a sentence

  • Once you have been an employee with us for a long period of time, you will be automatically enrolled into our competitive longevity pay package.

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  • After his many years of service at the company, the president's guarantee of longevity pay was justified but still frowned upon by lower echelon workers.

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  • Persons working for the corporation who have achieved maximum salary for their job title will be supplemented with longevity pay bonus.

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