Common use of Calculation of Severance Pay Clause in Contracts

Calculation of Severance Pay. 11.10.2.1 Severance pay for permanent regular faculty members whose employment is terminated under Article 11 shall be calculated as described below. Severance pay shall be based on the faculty member’s rate of pay on the date when notice of xxxxxx was received. Complete Years of Continuous Employment Severance Pay (Months of Salary) Less than 1 1 month 1 but less than 2 1 month, plus 1/12 month for each complete month after 1 year 2 but less than 3 2 months, plus 1/12 month for each complete month after 2 years 3 but less than 4 3 months, plus 1/12 month for each complete month after 3 years 4 but less than 5 4 months, plus 1/12 month for each complete month after 4 years 5 but less than 8 5 months, plus 1/36 month for each complete month after 5 years 8 but less than 11 6 months, plus 1/36 month for each complete month after 8 years 11 but less than 14 7 months, plus 1/36 month for each complete month after 11 years 14 but less than 17 8 months, plus 1/36 month for each complete month after 14 years 17 but less than 20 9 months, plus 1/36 month for each complete month after 17 years 20 or more 10 months

Calculation of Severance Pay. 11.10.2.1 Severance pay for permanent regular faculty members whose employment is terminated under Article 11 shall be calculated as described below. Severance pay shall be based on the faculty member’s rate of pay on the date when notice of xxxxxx layoff was received. Complete Years of Continuous Employment Severance Pay (Months of Salary) Less than 1 1 month 1 but less than 2 1 month, plus 1/12 month for each complete month after 1 year 2 but less than 3 2 months, plus 1/12 month for each complete month after 2 years 3 but less than 4 3 months, plus 1/12 month for each complete month after 3 years 4 but less than 5 4 months, plus 1/12 month for each complete month after 4 years 5 but less than 8 5 months, plus 1/36 month for each complete month after 5 years 8 but less than 11 6 months, plus 1/36 month for each complete month after 8 years 11 but less than 14 7 months, plus 1/36 month for each complete month after 11 years 14 but less than 17 8 months, plus 1/36 month for each complete month after 14 years 17 but less than 20 9 months, plus 1/36 month for each complete month after 17 years 20 or more 10 months