Common use of Exit Incentive Program Clause in Contracts

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 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 partiesParties. 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.