Accumulated Sick Leave Cashout Sample Clauses
The Accumulated Sick Leave Cashout clause allows employees to receive payment for unused sick leave that has been accrued over time. Typically, this clause outlines the conditions under which employees can convert their remaining sick leave into cash, such as upon retirement, resignation, or at the end of each year, and may specify limits on the amount that can be cashed out. Its core practical function is to provide an incentive for employees to conserve sick leave and to offer a tangible benefit for unused time, thereby addressing the issue of lost value for accrued but unused sick days.
Accumulated Sick Leave Cashout. 36 As now or hereinafter amended by statute, employees may qualify for compensation for accrued 37 but unused sick leave on an annual basis and/or at retirement. Under current annual cash-out 38 provisions, employees will be asked to indicate by mid-January whether they wish to petition for 39 compensation for accrued but unused sick leave days from the previous year. Days are cashed 40 out on a one-to-four basis of accumulation to a maximum of twelve (12) days for a full-time 41 employee and compensated in February. Direct questions to payroll office. 43 Upon retirement, current statutory provisions allow for compensation for accrued but unused sick 44 leave on a one day per four basis to a maximum of one hundred eighty (180) days accumulation.
Accumulated Sick Leave Cashout. 26 27 As now or hereinafter amended by statute, employees may qualify for 28 compensation for accrued but unused sick leave on an annual basis 29 and/or at retirement. Under current annual cash-out provisions, 30 employees will be asked to indicate by mid-January whether they wish to 31 petition for compensation for accrued but unused sick leave days from 32 the previous year. Days are cashed out on a one-to-four basis of 33 accumulation to a maximum of twelve (12) days for a full-time employee 34 and compensated in February. Direct questions to payroll office. 36 Upon retirement, current statutory provisions allow for compensation 37 for accrued but unused sick leave on a one day per four basis to a 38 maximum of one hundred eighty (180) days accumulation. For the life of 39 this negotiated Agreement, the post retirement medical benefit VEBA III 40 program is in place for retirees. Under this program, the compensation 1 for accrued sick leave is set aside on a pre-tax basis into an account 2 allowing the retiree to pay for medical premiums/expenses.