Exit Incentive Program Sample Clauses
The Exit Incentive Program clause establishes a framework for offering benefits or compensation to employees who voluntarily leave an organization, typically during periods of restructuring or downsizing. This clause outlines eligibility criteria, the types of incentives provided—such as severance pay, extended benefits, or outplacement services—and the process for employees to participate in the program. Its core function is to encourage voluntary departures, thereby reducing the need for involuntary layoffs and helping the organization manage workforce transitions more smoothly.
Exit Incentive Program. An exit incentive program may be offered to bargaining unit employees prior to utilizing the layoff procedure, as outlined in Section 6.10.
A. An exit incentive program may be offered to selected areas, work groups and/or selected classifications of the workforce as the Company deems appropriate as a means to assist in regulating the size of the work force in such areas and to assist employees in the transition. The exit incentive program shall:
1) equal payment to the employee in an amount of two (2) weeks wages multiplied by the number of years of service that the employee has with the Company, or
2) other exit incentive programs mutually agreed to by the parties.
B. Employees participating in the exit incentive program may either accept payment in a one-time sum or as bi-weekly payments for the amount of time that equates to the cash-out dollar amount. Employees selecting the biweekly pay-out will not accrue service time nor be eligible for benefits or leave accrual during this period. None of these options shall increase the Company’s expense beyond that of the offer in the previous paragraph.
Exit Incentive Program. An exit incentive program may be offered to bargaining unit employees prior to utilizing the layoff procedure, as outlined in Section 2.16.
A. Thereafter, an exit incentive program may be offered; however, prior to implementing any layoffs, the Company will submit its proposed plans to the Executive Labor-Management Committee for review.
B. An exit incentive program may be offered to selected areas, work groups and/or selected classifications of the work force as the Company deems appropriate as a means to assist in regulating the size of the work force in such areas and to assist employees in the transition. The early exit incentive program shall amount to payment to the employee in an amount of two weeks wages multiplied by the number of years of service that the employee has with the Company.
C. Employees participating in the exit incentive program may either accept payment in a one-time sum or as bi-weekly payments for the amount of time that equates to the cash-out dollar amount. Employees selecting the biweekly pay-out will not accrue service time nor be eligible for benefits or leave accrual during this period. None of these options shall increase the Company’s expense beyond that of the offer in the previous paragraph.