Leave Payout Clause Samples

A Leave Payout clause defines the terms under which an employee is compensated for unused leave upon termination of employment. Typically, this clause specifies which types of leave (such as vacation or paid time off) are eligible for payout, how the payout amount is calculated, and any conditions or limitations that may apply, such as minimum service periods or caps on accrual. Its core function is to ensure both parties understand the financial treatment of accrued leave at the end of employment, thereby preventing disputes and clarifying entitlements.
Leave Payout. Each eligible employee who “opts-in” to the Plan will be required upon service or disability retirement from the City to contribute one-hundred percent (100%) of eligible sick leave, vacation and compensatory leave payouts. Each eligible employee who “opts-in” to the Plan will not be required to contribute any leave balance payouts to VEBA upon separation (excluding retirement) from employment with the City. Employees who have “opted-out” of the Plan will not be eligible to contribute leave payouts to the Plan upon retirement or separation. Those who have an existing VEBA account will continue to be eligible to submit for reimbursement for eligible medical expenses, however, they will not be able to make any further contributions to their accounts.
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Leave Payout. Teachers with unused leave credits exceeding 150 days (1200 hours) at the end of the school year may elect to be paid out $70 per day for each day above the 150 day threshold. The calculation for this compensation shall take the total hours of unused leave divided by 8 and round to the nearest day. In order to exercise this option, teachers will indicate a choice on the Leave Option form to be returned to the Central Office before May 1 of the current contract year.
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Leave Payout. As a faculty member on a 12-month appointment, funded in whole or in part from contracts or grants, you earn 3 days of personal leave, 15 days of sick leave and 22 days of annual leave per calendar year. Beginning with the twenty‐first year of employment, a full‐time faculty member serving on a fiscal‐year contract shall earn twenty‐five (25) days of paid annual leave and three (3) days of paid personal leave per calendar year. Leave is accrued proportionately based on the number of days worked as described in the USM Policy on Annual Leave for Faculty (II.2.40). Personal leave must be used in the calendar year in which it is earned; personal leave is not carried over from one calendar year to the next and faculty are not eligible for a cash payout of unused personal leave days upon termination of employment. As per the USM policy, annual leave may be used only to the extent earned and with the concurrence of your supervisor. You are encouraged to use accrued annual leave during the term of your appointment. A part-time faculty member appointed on at least a 50% FTE and serving on a fiscal year contract shall earn, use, accrue and be eligible for a cash payout of annual leave on a pro-rata basis on the same terms available to full-time faculty. Faculty may carry over a maximum of 50 days (400 hours) of unused accrued annual leave into the next calendar year. Upon resignation, retirement, non-renewal or conversion to a non-annual leave accruing appointment, a faculty member is entitled to a maximum cash payout of no more than 10 days (80 hours). OR
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Related to Leave Payout

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Incentive Pay (1) For any calendar year: in which twenty-five percent (25%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then (a) Members who are rated at Level II in all phases of the PFT will receive three hundred dollars ($300.00) in a one-time lump sum payment. (b) Members who are rated at Level III in all phases of the PFT will receive six hundred dollars ($600.00) in a one-time lump sum payment. (2) For any calendar year in which fifty percent (50%) of the number of members employed as of January 1 of each year are rated as either Level II or Level III in every phase of the PFT then: (a) Members who are rated at Level II in all phases of the PFT will receive six hundred dollars ($600.00) in a one-time lump sum payment. (b) Members who are rated at Level III in all phases of the PFT will receive nine hundred dollars ($900.00) in a one-time lump sum payment. (3) All lump sum payments referenced herein will be paid in February of the following year.

  • Vacation Payout Where an employee requests in writing to have a specific number of vacation days paid out, and the Employer agrees to the request, the Employer will issue pay in lieu of vacation. Pay in lieu of vacation, if agreed, will be granted only after a minimum of 15 days' vacation time has already been taken in the year.

  • Sick Leave Pay A Nurse granted sick leave shall be paid for the period of such leave at her or his regular hourly rate of pay and the number of hours thus paid shall be deducted from the accumulated sick leave credits of the Nurse.

  • Sick Leave Bonus For every six (6) months of perfect sick leave attendance after July 1, 1987, the employee will receive eight (8) hours of bonus time. This bonus time will be prorated for part-time employees. Such bonus time can be used for any leave purpose covered by this Agreement. Such bonus time shall be counted as vacation leave credits for purposes of determining eligibility for carry- over and cash payments.