l Preamble Sample Clauses

l Preamble. (a) For the purposes of this Article, (i) “Attendance Gratuity!’ is an amount computed by multiplying one-half (l/2) of the number of days of an employee’s accumulated attendance credits by the annual salary to which he/she was entitled at the date he/she ceased to be an employee and dividing the product by 260.6928. (ii) “Severance Pay” is an amount computed by multiplying the total number of years of service of an employee by the weekly salary to which he/she was entitled at the date he/ she ceased to be an employee. (b) The total amount paid to an employee in respect of an Attendance Gratuity or Severance Pay shall not exceed the annual salary of the employee at the date when he/she ceased to be an employee. (c) Any Severance Pay to which an employee is entitled shall be reduced by an amount equal to any payment to which the employee is entitled under Article 24.1 (b). (d) Employees who are terminated for cause or who abandon their positions are not eligible for severance pay.