Wage Increase Agreement

WAGE INCREASE AGREEMENT

This Wage Increase Agreement ("Agreement"), is entered into this day of [DATE], between [YOUR NAME] ("Employer"), and [ EMPLOYEE NAME] ("Employee").

1. PURPOSE

The primary objective of this Agreement is to officially establish a shared comprehension between the Employee and the Employer, dealing particularly with a significant matter which concerns the increase in the Employee's remuneration or salary.

The process of initiating this Agreement is the sole responsibility of the Employer and is done with the primary goal of providing a detailed and clear set of standards and stipulations that comprehensively cover the factors and issues related to the Employee's wage increase. Furthermore, it is a way to ensure and promote open communication, clarity of information, mutual understanding, and agreement between the two parties involved.

2. PERFORMANCE REVIEW

The employer will regularly evaluate the employee's work and contributions according to company policies, adjusting salaries upon mutual agreement based on review outcomes. This could include feedback, goal setting, and documentation, with an available appeals process for reviewing disputes.

Frequency of Performance Reviews: Performance reviews will be conducted [quarterly/annually/bi-annually] or as outlined in the company's performance evaluation schedule, at a minimum. The specific frequency and timing of performance reviews will be communicated to the Employee in advance.
Evaluation Criteria: Performance reviews will be based on predetermined criteria established by the Employer, which may include factors such as job performance, productivity, quality of work, teamwork, adherence to company policies and procedures, attendance, and any other relevant metrics.
Feedback Process: During performance reviews, the Employee will have the opportunity to receive feedback from their immediate supervisor or designated reviewer(s) regarding their performance. Feedback may be provided verbally and/or in writing, and the Employee will be encouraged to discuss any areas of strength, areas for improvement, and professional development goals.
Goal Setting: Performance reviews may include a discussion on setting new performance goals and objectives for the upcoming review period. These goals will be specific, measurable, achievable, relevant, and time-bound (SMART), and will align with the Employee's role and the Employer's strategic objectives.
Documentation: The outcomes of performance reviews, including any feedback provided and agreed-upon performance goals, will be documented in writing and maintained in the Employee's personnel file. Both the Employer and the Employee will have access to this documentation for reference and future review purposes.
Appeals Process: In the event that the Employee disagrees with the outcome of a performance review or any resulting adjustments to their wages or salary, the Employee may have the right to appeal the decision through the Employer's established grievance or dispute resolution process. Details of this process will be provided to the Employee upon request.

3. WAGE INCREASE

Commencing from the date of [INSERT EFFECTIVE DATE], the Employee's current wage or salary will be increased by [AMOUNT].

Upon implementation of the wage increase, the Employee's new gross annual salary will be [TOTAL NEW ANNUAL SALARY]. The increase is a reflection of the Employee's performance and contribution to the Employer's goals and objectives.

4. ACCEPTANCE

The terms of this Agreement have been duly reviewed by both parties. The Employee has had ample opportunity to negotiate and review the Agreement, ensuring their rights and obligations about the wage increase are understood and met.

By signing this Agreement, the Employee accepts the wage increase under the outlined terms and conditions, and the Employer acknowledges its responsibility to implement the increase as agreed.

5. CONFIDENTIALITY

Both parties agree to maintain the confidentiality of the terms and conditions outlined in this Agreement. This includes refraining from disclosing any sensitive information related to the wage increase, including but not limited to specific salary figures, to third parties without prior consent from the other party, except as required by law.

6. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of [insert relevant jurisdiction]. Any disputes arising out of or in connection with this Agreement shall be resolved through arbitration or mediation, as mutually agreed upon by the parties, or through litigation in the courts of [insert relevant jurisdiction] if arbitration or mediation fails to provide a resolution.

7. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the Employer and Employee regarding the wage increase and supersedes all prior negotiations, agreements, representations, and understandings of any kind, whether written or oral, between the parties, related to the subject matter hereof.

Both parties have read, understood, and agree to adhere to the terms and conditions of this Agreement.

SIGNATURES

IN WITNESS WHEREOF, the parties hereto have executed this Wage Increase Agreement as of the date first above written.

Name: [YOUR NAME]

Company: [YOUR COMPANY]

Date: [DATE]

Name: [ EMPLOYEE NAME]

Date: [DATE]