If my suggestion is adopted, when will I receive my award?
It depends on the type of suggestion and award you receive. Some awards can be paid out immediately, while others must wait until the first year of net savings can be calculated. While every circumstance is a little different, below is a guideline on when awards may occur:
Cash Awards - In most cases, awards occur after the first year of savings is calculated. In some instances preliminary awards are recommended after the suggestion has been in place for one year, with a possible supplemental award after the first year following implementation.
One-time Awards - Awards are calculated at 5% of the net savings/revenues.
Improved Procedures Awards - These are typically awarded soon after the suggestion is adopted.
Improved Safety Award - These are typically awarded soon after the suggestion is adopted.
