18-276 18-276 . . . Director Incentive Compensation Plan under which eligible directors are granted automatic, nondiscretionary annual awards of 100 shares of common stock to each eligible director at no cost to director upon election or re-election by stockholders. The Board may amend award formula to no greater than 500 shares per year per director
South Carolina Director Incentive Compensation Plan
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US-CC-18-276
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FAQ
Monthly retirement benefit is payable until your death. Three payment options for monthly retirement benefits are available at retirement.
For most retired state employees and teachers, the Oct. 25 payment will include an additional 4% of their annual benefit. These funds did not come from the Plan itself as they were appropriated by the General Assembly as a part of the budget passed on Oct. 3, 2023.
Incentive plans aim to influence employee behavior and motivate your workforce to perform better. Bonuses are more general and almost always offered as cash or cash equivalents. Incentives are more varied since they can include travel, memberships, and perks like additional leave.
Cost of living adjustments (COLA) are increases designed to offset inflation. The expected COLA for 2023 is 8.7%, meaning if you were going to give an employee an annual salary increase of $10,000, you would adjust that amount to $10,870 to account for inflation.
The budget includes: A 4% pay raise in 2023 and a 3% raise in 2024 for most state employees, including non-certified school personnel, community college, and UNC employees. A 4% one-time supplement for retirees in 2023. A 5.5% pay raise in 2023 for employees on a step-pay plan and an additional 3% in 2024.
The budget includes: A 4% pay raise in 2023 and a 3% raise in 2024 for most state employees, including non-certified school personnel, community college, and UNC employees. A 4% one-time supplement for retirees in 2023. A 5.5% pay raise in 2023 for employees on a step-pay plan and an additional 3% in 2024.
The South Carolina Payment of Wages Act does not specify when an employer must pay an employee after the end of a pay period. On termination, whether voluntary or involuntary, an employer must pay the employee all compensation due within either: ? 48 hours of the termination. 30 days from the date of termination.