Common use of Calculation of Severance Pay Clause in Contracts

Calculation of Severance Pay. The severance pay applicable under the conditions set forth herein is as follows: Years of Seniority Weeks of Pay Less than one 0 One but less than two 1 Two but less than three 2 Three but less than four 3 Four but less than five 4 Five but less than fifteen at least 1 ½ weeks for every year of service Fifteen or more at least 2 weeks for every year or service with a maximum of fifty-two (52) weeks A week of pay for the purpose of Article 25.9 shall mean 1/52 of annual regular salary.

Calculation of Severance Pay. The severance pay applicable under the conditions set forth herein is as follows: Years of Seniority Weeks of Pay Less than one 0 One but less than two 1 Two but less than three 2 Three but less than four 3 Four but less than five 4 Five but less than fifteen at least 1 ½ weeks for every year of service Fifteen or more at least 2 weeks for every year or service with a maximum of fifty-two (52) weeks A week of pay for the purpose of Article 25.9 24, Clause 9(d), shall mean 1/52 of annual regular salary.

Calculation of Severance Pay. The severance pay applicable under the conditions set forth herein is as follows: Years of Seniority Weeks of Pay Less than one 0 One 13 weeks but less than two one 1 Two One but less than three 2 Three but less than four 3 Four five 4 Five but less than five 4 Five ten 6 Ten but less than fifteen at least 1 ½ weeks for every year of service Fifteen or more at least 2 weeks for every year or service with a maximum of fifty-two (52) weeks A week of pay for the purpose of this Article 25.9 shall mean 1/52 of annual regular salary.