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Mathew has been working in a production company for the past 15 years. According to the union contract provision, the company grants promotions only on the basis of seniority. When a promotion opportunity came up, Mathew thought he would be given the promotion because of his seniority. But to his dismay, the promotion was given to his colleague who had joined the company a year ago. Mathew reported the grievance to the shop steward and he agreed that the grievance had some merit and should be pursued further. What is the immediate next step that Mathew and the steward should take?
Gross Monthly Income
The total amount of income earned in a month before any deductions or taxes are applied.
Compounded Monthly
The method of computing interest that includes both the original amount of money deposited or loaned and the interest that amount has earned in past months.
Amortized
The process of spreading payments over multiple periods, typically in context of a loan or mortgage, which includes both interest and principal components.
Compounded Semi-annually
Refers to the process where interest is calculated and added to the principal balance of an investment or loan twice a year.
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