Leaving date less than one year Sample Clauses

Leaving date less than one year before ordinary retirement age If the leaving date is less than one year before ordinary retirement age for the position, the severance pay plus national insurance benefits such as rehabilitation benefits, disability pension, pension for bereavement, early retirement pension or unemployment benefits, shall not exceed the pay the employee would have received (gross earnings after deduction of direct taxes and dues) if he or she had remained at work until reaching the age of 67. An employee who is receiving sick pay until he or she reaches retirement age is not entitled to severance pay. Corresponding limitations also apply when the retirement age is lower than 67 The provision in the preceding paragraph will then have effect in the year preceding that in which the person can draw ordinary retirement pension.
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Related to Leaving date less than one year

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  • Effective Date; Term This Agreement shall become effective on the date of its execution and shall remain in force for a period of two (2) years from such date, and from year to year thereafter but only so long as such continuance is specifically approved at least annually by the vote of a majority of the Trustees who are not interested persons of the Trust or the Adviser, cast in person at a meeting called for the purpose of voting on such approval, and by a vote of the Board of Trustees or of a majority of the outstanding voting securities of the Fund. The aforesaid requirement that this Agreement may be continued "annually" shall be construed in a manner consistent with the Act and the rules and regulations thereunder.

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  • Where Term Less Than Agreement Term Where a provision of this collective agreement so provides, the provision shall be in effect for a term less than the term of the collective agreement.

  • Date Increment Due Increments shall accrue and become due and payable on the next day following completion of required service as an employee in the class, unless otherwise provided herein.

  • Increment Date (a) Full-time Employees shall be eligible for increments annually from their date of employment.

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