Method of Payment of Dismissal Pay Sample Clauses

Method of Payment of Dismissal Pay. Employees eligible for dismissal pay and who elect to receive it shall be paid on the pay day following date of layoff the amount of dismissal pay to which they may be eligible up to and including eight (8) weeks' pay, "computed at their dismissal hourly rate," and thereafter on each subsequent pay day the sum of one and one half (1 1/2) weeks' pay, also computed at their "dismissal hourly rate," until the total amount of dismissal pay for which they are eligible shall be exhausted, or until as vested employees they may become eligible for early retirement. In the event of the death of an employee while receiving dismissal payments, such payments shall cease; except that in the event such employee is married or has unmarried children under age twenty-one at the time he is laid off, then such payments shall be continued to the extent of the amount remaining in accordance with the schedule included in (1), solely to the spouse while living and unmarried, or in the event of the spouse's death or remarriage, the payments shall be equally divided between such unmarried children of the employee until they reach the age of twenty-one.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs

Related to Method of Payment of Dismissal Pay

  • Method of Payment Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionee:

  • Method of Payments Any amount due under this Guarantee shall be paid:

  • Method of Payback The employee must choose one (1) of the following options for paying back the overpayment:

  • Method of Salary Payment (a) The HRIS pay frequency is bi-weekly for all Employees. Pay periods begin on Sunday and end on the Saturday of week 2. Pay will be made by direct deposit on the Friday following the pay period end date. If the pay date falls on a holiday, it will be moved forward to the business day immediately preceding the holiday.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Payment in Lieu of Benefits a) All employees not transferred to the Trust who received pay in lieu of benefits under a collective agreement in effect as of August 31, 2014, shall continue to receive the same benefit.

  • Compensation and Method of Payment Subject to any limitations set forth below or elsewhere in this Agreement, District agrees to pay Consultant the amounts specified in Exhibit B “Compensation”. The total compensation shall not exceed Six Thousand Dollars ($6,000.00), unless additional compensation is approved in writing by the District.

  • Method of Compensation It is understood by the parties that, insofar as pay is concerned, employees temporarily filling a position in a higher broadband level shall be paid according to the same compensation method as promoted employees pursuant to the Rules of the State Personnel System.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Summary of Benefits Benefit Maximum Benefit Payable Medical Emergency Insurance $2,000,000 per Insured Person per Covered Trip.

Time is Money Join Law Insider Premium to draft better contracts faster.