Common use of Severance and Retirement Options Clause in Contracts

Severance and Retirement Options. Severance Pay Within the lesser of thirty (30) days from the date of notice of layoff or the notice provided above an employee with more than twelve (12) months service with the Home who has received notice of layoff of a permanent or long term nature may resign, forfeiting the right to notice. Such employee will receive the balance of the notice as severance pay. Retirement Allowance Within thirty (30) days from the date of layoff an employee who has received notice of layoff of a permanent or long term nature may retire provided that the employee is eligible to retire under terms of An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of one (1) week’s pay for each year of service with the Home to a maximum of weeks; on the basis of the employee’s normal weekly earnings. In addition, full time employees will receive a payment equal to for every year less than age to a maximum of Note: the Home offer any employee a retirement option as provided above, in order to avoid potential layoffs in the unit. A full time employee who has completed one year service and: whose layoff is permanent, or who is laid off for (26) weeks in any fifty-two (52) week period, and who has not elected to receive a severance payment under either or of this article. shall be entitled to severance pay equal to the greater of two weeks’ pay, or one week’s pay per year of service to a maximum of (26) weeks’ pay. This entitlement shall not be in addition to any entitlement to severancepay under the Standards Act, but at the same time, shall not preclude an employee from claiming any greater entitlement which that Act may at some point come to provide. An employee may elect to defer receipt of this severancepayment while his or her recall rights are still in effect. Once an employee does opt to receive the severance payment, he or she shall be deemed to have resigned, and his or her recall rights shall be extinguished.

Severance and Retirement Options. Severance Pay Within the lesser of thirty (30a) Where an employee resigns within days from the date of after receiving notice of layoff that his or the notice provided above her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks’ salary for each year of continuous service to a maximum of twelve (12) weeks’ pay, and, on production of receipts from an employee with more than approved educational program, within twelve (12) months service with the Home who has received of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. Where an employee resigns later than days after receiving notice of layoff that his or her positions will be eliminated he or she shall be entitled to a separation allowance of four (4) weeks’ salary and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a permanent or long term nature may resign, forfeiting the right maximum of one thousand two hundred and fifty ($1,250) dollars. Prior to notice. Such employee will receive the balance of the notice as severance pay. Retirement Allowance Within thirty (30) days from the date of layoff an employee who has received issuing notice of layoff in any the Hospital will offer allowance to a sufficient number of a permanent or long term nature may retire provided employees eligible for early retirement under the Hospitals’ Pension Plan within the in order of seniority, to the extent that the employee maximum number of employees within a classification who elect early retirement is eligible equivalent to retire under terms the number of employees within the who would otherwise receive notice of layoff. An employee who chooses this elects an early retirement option forfeits her right to notice and will receive severance pay on shall receive, following completion of the basis last day of one (1) week’s pay work, a retirement allowance of two weeks’ salary for each year of service with the Home service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of weeks; on the basis of the employee’s normal weekly earnings. In ’ salary, and, in addition, full full-time employees will shall receive a single sum payment equal equivalent to for every each year less than age to a maximum of Note: the Home offer any employee a retirement option as provided above, in order to avoid potential layoffs in the unitupon retirement. A full time An employee who has completed one year of service and: and whose layoff is permanent, or who is laid off for (26) weeks in any fifty-two (52) week period, and who has not elected to receive a severance payment under either (a) or of this article. Article, shall be entitled to severance pay equal to the greater of two weeks’ pay, pay or one week’s week‘s pay per year of service to a maximum of (26) weeks’ pay. This entitlement shall not be in addition to any entitlement to severancepay severance pay under the Employment Standards Act, Act but at the same time, shall not preclude an employee from claiming any greater entitlement which that Act may at some point come to provide. An employee may elect to defer receipt of this severancepayment severance payment while his or her recall rights are still in effect. Once an employee does opt to receive the severance payment, he or she shall be deemed to have resigned, and his or her recall rights shall be extinguished. For calculation of part time employees’ severance entitlements, including early retirement, the employee’s average weekly hours will be based on an average of their paid hours over the proceeding twelve (12) months.

Severance and Retirement Options. Severance Pay Within the lesser of thirty (30a) Where an employee resigns within days from the date of after receiving notice of layoff that his or the notice provided above her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks’ salary for each year of continuous service to a maximum of twelve (12) weeks’ pay, and, on production of receipts from an employee with more than approved educational program, within twelve (12) months service with the Home who has received of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. Where an employee resigns later than days after receiving notice of layoff that his or her positions will be eliminated he or she shall be entitled to a separation allowance of four (4) weeks’ salary and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a permanent or long term nature may resign, forfeiting the right maximum of one thousand two hundred and fifty ($1,250) dollars. Prior to notice. Such employee will receive the balance of the notice as severance pay. Retirement Allowance Within thirty (30) days from the date of layoff an employee who has received issuing notice of layoff in any the Hospital will offer early-retirement allowance to a sufficient number of a permanent or long term nature may retire provided employees eligible for early retirement under the Hospitals’ Pension Plan within the in order of seniority, to the extent that the employee maximum number of employees within a classification who elect early retirement is eligible equivalent to retire under terms the number of employees within the who would otherwise receive notice of layoff. An employee who chooses this elects an early retirement option forfeits her right to notice and will receive severance pay on shall receive, following completion of the basis last day of one (1) week’s pay work, a retirement allowance of two weeks’ salary for each year of service with the Home service, plus a prorated amount for any additional partial year of service, to a maximum ceiling of weeks; on the basis of the employee’s normal weekly earnings. In ’ salary, and, in addition, full full-time employees will shall receive a single sum payment equal equivalent to for every each year less than age to a maximum of Note: the Home offer any employee a retirement option as provided above, in order to avoid potential layoffs in the unitupon retirement. A full time An employee who has completed one year of service and: and whose layoff is permanent, or who is laid off for (26) weeks in any fifty-two (52) week period, and who has not elected to receive a severance payment under either (a) or of this article. Article, shall be entitled to severance pay equal to the greater of two weeks’ pay, pay or one week’s pay per year of service to a maximum of (26) weeks’ pay. This entitlement shall not be in addition to any entitlement to severancepay severance pay under the Employment Standards Act, Act but at the same time, shall not preclude an employee from claiming any greater entitlement which that Act may at some point come to provide. An employee may elect to defer receipt of this severancepayment severance payment while his or her recall rights are still in effect. Once an employee does opt to receive the severance payment, he or she shall be deemed to have resigned, and his or her recall rights shall be extinguished.

Severance and Retirement Options. Severance Pay Within the lesser of Where an employee resignswithin thirty (30) days after receiving noticeof layoff article that hisor her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous serviceto a maximumoftwelve (12)weeks' pay, and, on production of receipts from an approved educational program, within twelve resignation,may be tuition fees up to a maximum three thousand ($3,000) dollars. an employee resigns later than thirty (30) days after receiving notice pursuant to article that his or her positionwill be eliminated, he shall be entitledto a separation allowance of four (4)weeks' salary, and, on production of receipts from an approved educational program,withintwelve (12) resignation, may be tuitionfees upto a maximumof one thousand two hundred and fifty ($1,250) dollars. Prior to issuing notice of layoff pursuant to article in any the Centrewill to a sufficient number of employees eligible for early retirement under within the of seniority,to the extent that the maximum number of employeeswithin a classificationwho elect early retirement is equivalent to the number of the who would otherwise receive notice of layoff under article thirty the date of notice of layoff or the notice provided above layoff, an employee with more than twelve (12) months service with the Home who employeewho has received notice of layoff of a permanent or long term nature may resign, forfeiting the right to notice. Such employee will receive the balance of the notice as severance pay. Retirement Allowance Within thirty (30) days from the date of layoff an employee who has received notice of layoff of a permanent or long long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance receiveseverance pay on the basis of one (1) week’s pay for each year of service with the Home to a maximum of weeks; on the basis of the employee’s normal weekly earnings. In addition, full time employees will receive a payment equal to for every year less than age to a maximum of Note: the Home offer any employee a retirement option as provided above, in order to avoid potential layoffs in the unit. A full time employee who has completed one year service and: whose layoff is permanent, or who is laid off for (26) weeks in any fifty-two (52) week period, and who has not elected to receive a severance payment under either or of this article. shall be entitled to severance pay equal to the greater of two weeks’ pay, or one week’s pay per year of service to a maximum of (26) weeks’ pay. This entitlement shall not be in addition to any entitlement to severancepay under the Standards Act, but at the same time, shall not preclude an employee from claiming any greater entitlement which that Act may at some point come to provide. An employee may elect to defer receipt of this severancepayment while his or her recall rights are still in effect. Once an employee does opt to receive the severance payment, he or she shall be deemed to have resigned, and his or her recall rights shall be extinguished.two