Severance Allowance Entitlement Clause Samples
The Severance Allowance Entitlement clause defines an employee's right to receive a specified payment upon termination of employment under certain conditions, such as redundancy or dismissal without cause. Typically, this clause outlines the calculation method for the severance amount, which may be based on factors like length of service, salary, and reason for termination. Its core function is to provide financial protection to employees facing involuntary job loss, ensuring fair compensation and mitigating the impact of sudden unemployment.
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Severance Allowance Entitlement. An eligible employee, as defined in Article 54.01, shall be paid a severance allowance of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. An eligible employee who dies in service shall have the severance allowance paid to her estate.
Severance Allowance Entitlement. For six (6) months following termination by ISSI, Employee, Employee's dependents and beneficiaries shall continue to be entitled to comprehensive major medical plan) and perquisites (excepting any incentive compensation of future grants of stock options or warrants) to the same extent as if Employee is no longer an employee of ISSI, ISSI shall pay or provide for payment of such benefits to Employee, Employee's dependents and beneficiaries.
Severance Allowance Entitlement. In accordance with the Employment Standards Act.