Severance Benefit for Involuntary Layoffs Sample Clauses

Severance Benefit for Involuntary Layoffs. 53 Any full-time Bargaining Unit Employee who is involuntarily laid off after the date of acceptance and ratification of this 54 Agreement, and who is on the active payroll on the date of the layoff, or who is laid off from an approved leave of absence, 55 shall be paid a lump sum severance payment. Such employees with less than three (3) full years of company service will 56 be eligible for two (2) weeks of severance pay at the employee’s rate of pay calculated at the time of layoff. Such employees 57 with three (3) or more full years of company service will be eligible for an amount equal to one (1) week of pay, at the 58 employee’s rate of pay calculated at the time of layoff, for each full year of Company service, up to a maximum of thirteen 59 (13) weeks of pay. Eligibility for this payment is contingent upon the Bargaining Unit Employee signing, and not 60 subsequently revoking, a Release and Waiver Agreement as provided by the Company. Each severance payment is subject 61 to withholding for all applicable local, state, and federal taxes, including FICA (Social Security and Medicare), and any other 1 legal orders or funds owed to the Company. Any Bargaining Unit Employee who terminates involuntarily, or who terminates 2 voluntarily without approval, including an election of retirement, before being laid off, or who is offered and accepts, or who 3 fails to accept, a transfer to another position within the bargaining unit without a pay reduction before being laid off, will not 4 be entitled to receive any severance payment under this Agreement or the Release and Waiver Agreement. Payments 5 received in accordance with this Agreement shall not be considered in determining any other pay-related benefits.
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Related to Severance Benefit for Involuntary Layoffs

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Employee Compensation Upon Separation An Employee, upon her separation from employment, shall be compensated for vacation leave to which she is entitled.

  • Re-employment After Voluntary Termination or Dismissal for Cause Where an employee voluntarily leaves the Employer's service, or is dismissed for cause and is later re-engaged, seniority and all perquisites shall date only from the time of re-employment, according to regulations applying to new employees.

  • Voluntary employee contributions (i) Subject to the governing rules of the relevant superannuation fund, an employee may, in writing, authorise their employer to pay on behalf of the employee a specified amount from the post- taxation wages of the employee into the same superannuation fund as the employer makes the superannuation contributions provided for in Clause 24(b).

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

  • Retroactive Pay for Terminated Employees An employee who has retired or severed his/her employment between the termination date of this Agreement and the effective date of the new Agreement shall receive the full retroactivity of any increase in wages, salaries or other benefits.

  • Severance Benefit If the Employee’s employment is terminated by the Company for any reason other than Cause (as defined below) or if the Employee terminates his/her employment for Good Reason (as defined below), the Company shall provide Employee with the following:

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

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