Common use of RETRENCHMENT PAY Clause in Contracts

RETRENCHMENT PAY. (1) A staff member whose employment is terminated by the Company on the grounds of redundancy shall be eligible to receive retrenchment pay at the rate of one month’s last drawn basic salary for each completed year of continuous service with the Company, and proportionately for any completed month, up to a maximum of 25 years’ service subject to the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age.

RETRENCHMENT PAY. (1) A staff member whose employment is terminated by the Company on the grounds of redundancy shall be eligible to receive retrenchment pay at the rate of one month’s 's last drawn basic salary for each completed year of continuous service with the Company, and proportionately for any completed month, up to a maximum of 25 years’ service subject to the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age.