Severance Options Sample Clauses

Severance Options. In the event of any future downsizing of staff that would result in the loss of 5 or more bargaining unit positions, the parties will meet to negotiate voluntary severance options for recommendation to the Board of Directors.

Severance Options a) Within the lesser of thirty (30) days from the date of notice of lay-off or the notice provided above an employee with more than twelve (12) month’s service with the Hospital who has received notice of lay-off of a permanent or long-term nature may resign, forfeiting the right to notice. Such employees will receive the balance of the notice as severance pay. (i) Where an employee resigns within 30 days after receiving notice of lay-off pursuant to Article 10.02 (a)(ii) that his or 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 sixteen (16) weeks’ pay, 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 maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to Article 10.02 (a)(ii) that his or her position 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 education program within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty dollars ($1,250). b) Prior to issuing notice of layoff pursuant to Article 10.02(a)(ii) in any classification(s), the Hospital will offer early retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees with the classification(s) who would otherwise receive notice of lay-off under Article 10.02(a)(ii). c) Within thirty (30) days from the date of notice of lay-off, an employee who has received notice of lay-off of a permanent or 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 pay on the basis of two (2) week’s pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employee’s normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000 for every year less than age 65, to a maximum...

Severance Options. A regular employee affected by a permanent layoff shall have the following options: December

Severance Options. An employee who chooses severance payment under clause will be deemed to have resigned and s/he relinquishes his/her rights to recall and will be considered to have terminated his/her employment with the Employer. The severance payment formula under the option in clause for all employees will be: 3 weeks pay, per year of service, to a maximum of months’ pay (pay is defined by clause however, for clause purposes, “pay” will not include any responsibility premiums or market supplements). An employee who is eligible to retire from the Employer and immediately receives a pension will be eligible to bridge his/her benefits premiums, subject to the continuing availability and eligibility requirements determined by the Employer’s Bridge Benefits Policy and any amendments made from time to time, and in accordance with Article 3 Benefit Plans. Further, it is agreed that an employee accepting this severance option and retiring from their employment will not be entitled to the retirement bonus under Article

Severance Options. An employee who opts for severance pay shall waive his/her right to reinstatement, but shall have the right to elect only one of the following severance options.

Severance Options. Employees who are permanently laid off shall receive notice in accordance with the Employment Standards Act and shall receive severance pay as set out below: i) Two (2) weeks’ severance pay per year of active service, to a maximum of 26 weeks of severance pay.