JOB AND INCOME SECURITY Sample Clauses

JOB AND INCOME SECURITY. 1. Definitions

JOB AND INCOME SECURITY. SERO job‐loss protection benefit renewed through the term of the contract • Protects employees age 55‐59 with at least 25 years Pension Qualification Service (PQS) who are affected by a permanent job‐loss event. SERO 30 protection renewed through the term of the contract • Protects UE members under age 55 with at least 30 years of PQS who are directly impacted by a permanent job‐loss event that results in a layoff or a pay rate reduction of 18% or more in a 12‐month period. Plant Closing Pension Option (PCPO) protection renewed through the term of the contract • Protects eligible UE members affected by plant closings, including those under age 50 with at least 30 years of PQS. Employees eligible for PCPO and direct impact SERO and SERO 30 receive: • Immediate unreduced pension with all negotiated pension improvements; • Enhanced Regular and Special Supplements; and • Other benefits available to similarly situated retirees, including life insurance and company‐subsidized pre‐65 health and dental coverage. Special Supplement Benefit Option (SSBO) • SSBO renewed for employees who are age 59 or younger who do not elect to take a SERO or PCPO and are affected by a permanent job‐loss event on or after June 30, 2015, and on or before July 1, 2019. • Benefit increased to $425 per month, from $400. Job Security Improvements • A Transfer of Work not completed within 18 months after the announced date of the transfer authorizes the Union to request a new 30‐day decision bargaining about completing the remaining work more cost‐effectively than at the other location(s). • The Job Preservation and Growth Committee will meet annually to discuss insourcing opportunities at sites with more than 25 employees for subcontracted jobs. • New Subcontracting Notice provision requires the company to give 14 days’ notice to UE prior to sub‐contracting or farm‐out of production work even though there is no job loss. The Union can request a 14‐day bargaining period in which local officers/stewards can make the case to keep the work in‐house. • The National Union, Local Union leaders, and GE Corporate representatives will hold an annual meeting to discuss the state of the business at each site. • Employees affected by a plant closing shall have the right to have their plant closing date advanced in order to assume Preferential Placement and accept placement if their original plant closing date has been exceeded by 12 months. Preferential Placement • Employees may designate up to 12 lo...

JOB AND INCOME SECURITY. (a) The terms "plant closing" and "to close a plant" mean the announcement and carrying out of a plan to terminate and discontinue either all Company operations at the Evendale, Ohio plant or those Company operations at the Evendale, Ohio plant which would result in the termination of all employees represented by the Union when these employees do not have displacement rights. Such terms do not refer to the termination and discontinuance of only part of the Company's operations at the Evendale Plant, except as specifically provided in the paragraph above, nor the termination or discontinuance of all of its former operations coupled with the announced intention to commence there either larger or smaller other operations. Any employees released by such latter changes will be considered as out for lack of work and will be subject to provisions applicable to those on layoff. Also, such terms do not refer to the transfer or sale of such operations to a successor employer who offers continued employment to Company employees. Company employees who are not offered continued employment by the Company or by the successor employer will be considered as out for lack of work and will be subject to provisions applicable to those on layoff.

JOB AND INCOME SECURITY. 11.1 In the event that the Company decides to:

JOB AND INCOME SECURITY. Section 1

JOB AND INCOME SECURITY. Replace current with:

JOB AND INCOME SECURITY. XXXXXX recognises that job security is essential to employees' well being and acknowledges that it has a responsibility, with the co- operation of the Union to provide long term stable employment and income security to its employees. The long-term achievement of job and income security is directly linked to XXXXXX'x ability to produce at industry competitive levels in relation to productivity and cost and to achieve levels of profitability commensurate with funds invested. The Union's commitments in this Agreement are a significant step towards the basis for such long-term stability. XXXXXX also recognises that the job and income security of employees is equally important in providing a stable and secure employment environment. XXXXXX has sought and will continue to pursue a policy to minimising the potential impact on employees created by market fluctuations and disruptions of supplier deliveries. XXXXXX will continue to take measures which may include the re-allocation of work, rescheduling of production and other measures, including specific purpose training or retraining where practicable, that may be available to minimise the loss of employee income. Additionally in seeking the application of Continuous Improvement within the organisation, any employee who is displaced by such improvements will be retained and/or offered re-allocation to other productive employment within XXXXXX which is appropriate and of a similar level. No redundancies will directly result from Continuous Improvement activities as defined in this Agreement and any excess labour that may occur will be handled by transfers and/or natural attrition.

JOB AND INCOME SECURITY. A. SERO/SERO 30: Provide a Special Early Retirement Option for Employees Impacted by a “Permanent Job Loss Event”

JOB AND INCOME SECURITY