Common use of Guarantee scheme Clause in Contracts

Guarantee scheme. The guarantee scheme is based on the Rabobank Severance Payment which applies to employees who became redundant on or after January 1, 2017 and whose employment terminated on December 31, 2017 at the latest due to redundancy. The amount that an employee to whom this social plan applies receives on termination of the employment due to redundancy is never lower than 75% of the Rabobank Severance Payment (on the basis of the number of years of service and age on 1 January 2018). The guarantee scheme is also capped. The guarantee amount will never exceed the income that the employee would have earned if he had continued to work until the state pension age applicable to him (based on the last-earned gross monthly salary). The Rabobank Severance Payment is calculated on the basis of the following formula: A * B * C*. A: Years of service B: Income C: Multiplication factor

Guarantee scheme. The guarantee scheme is based on the Rabobank Severance Payment which applies to employees who became redundant on or after January 1, 2017 and whose employment terminated on December 31, 2017 at the latest due to redundancy. The amount that an employee to whom this social plan Social Plan applies receives on termination of the employment due to redundancy is never lower than 75% of the Rabobank Severance Payment (on the basis of the number of years of service and age on 1 January 2018). The guarantee scheme is also capped. The guarantee amount will never exceed the income that the employee would have earned if he had continued to work until the state pension age applicable to him (based on the last-earned gross monthly salary). The Rabobank Severance Payment is calculated on the basis of the following formula: A * B * C*.C. A: Years of service B: Income C: Multiplication factor