Severance Pay Sample Clauses

Severance Pay. 19.01 Under the following circumstances and subject to clause 19.02, an employee shall receive severance benefits calculated on the basis of his weekly rate of pay:

Severance Pay. Employees who are separated because of a layoff or reduction in force shall be entitled to severance pay in accordance with Part 435 of the Employee and Labor Relations Manual.

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 Employer, who has received notice of layoff of a permanent or long-term nature, may resign, forfeiting the right to notice. Such employees will receive the balance of notice as severance pay.

Severance Pay. Employees discharged, laid off or displaced from their regular job because of mechanization, technological change or automation shall be entitled to severance pay of seven (7) days’ pay for each year of service with the Company. The amount calculated under such entitlement shall not exceed a maximum of thirty (30) weeks’ pay. This Section shall not apply to employees covered by Section 2 (b) above.

Severance Pay. In the event of termination, Employee shall be entitled to compensation (the "Severance Pay") in accordance with the following: (a) If Employee's employment is terminated by reason of a disability, Employee shall be entitled to Severance Pay in an amount equal to the amount of monthly Base Salary (at his then current Base Salary rate excluding any increases that would have taken effect beyond the date of termination and any bonus and noncash benefits) the Employee would have earned for the three month period subsequent to the effective date of termination, payable at such time or times as would have been paid to Employee had he remained employed by the Company. In addition, for a three year period commencing on the date of termination, Employee shall be entitled to a pro rata amount of Deferred Compensation, equal to the product of (i) the amount of Incentive Bonus Plan compensation payable or paid to Employee during the twelve months immediately preceding the date of such termination (the "Bonus Amount"), times (ii) the product (the "Pro-Rata Period Amount") of three times a fraction, the numerator of which is the total number of months in which Employee shall have been employed under this Agreement, and the denominator of which is sixty. Such Deferred Compensation shall be prorated and paid over a three year term as if it were Deferred Compensation under Section 2.2. (b) If (i) Employee voluntarily terminates his employment (other than due to a breach of this Agreement by the Company), (ii) the Company terminates this Agreement for Cause, (iii) if Employee's employment is terminated by reason of his death, or (iv) this Agreement is terminated pursuant to Section 3.5 hereof, Employee shall not be entitled to receive any additional salary, bonus or benefits beyond those earned or accrued as of the effective date of the termination of his employment; except that, in the case of Employee's death or termination of this Agreement pursuant to Section 3.5 hereof, for a three year period commencing as of such termination, Employee or Employee's estate, as the case may be, shall be entitled to a pro rata amount of Deferred Compensation equal to the product of (i) the Bonus Amount, times (ii) the Pro Rata Period Amount. Such Deferred Compensation shall be prorated and paid over a three year term as if it were Deferred Compensation under Section 2.2. (c) If Employee's employment hereunder is terminated prior to the Expiration Date of this Agreement, and such termina...

Severance Pay. 13.01 Severance Pay: Should it become economically necessary to close the entire location or a particular major section or sections of the said location on a permanent basis and it is not reasonably expected that those affected will be re-employed in this or any other of the Company's operations subject to Article 13.01 (d) a separation allowance will be paid to such employees subject to the following: (a) They are presently employed by the Company and are accumulating seniority or have been laid off not later than ninety (90) days prior to the location's closing date. (b) The closing is not brought about by war, strike, walkout, work stoppage, slowdown or other cessation of work, fire, government action or Act of God. (c) Employees shall have the option to receive severance pay or transfer to another location. Said option shall be exercised within ninety (90) days of the date of closure. The scale for severance allowance shall be based on the following formula: Less than 1 year Nil 1 year to 2 years 2 weeks’ pay 3 years to 6 years 3 weeks’ pay Years of service beyond 6 years service will apply the “formula” The number of years' service minus five (5), times two (2) weeks' pay. Example: 7 years - 5 x 2 = 4 weeks’ pay 10 years - 5 x 2 = 10 weeks' pay 20 years - 5 x 2 = 30 weeks' pay 30 years - 5 x 2 = 50 weeks' pay An employee shall have the option to remain on the payroll and the seniority list for possible recall. In this event, the Company shall hold the severance allowance until the employee is recalled or ninety (90) days, whichever is sooner. If the employee is recalled within the foregoing period, no severance allowance shall be payable. If the employee is NOT recalled within ninety (90) days, the severance allowance shall be paid by the Company forthwith. For the purposes of this section, the location shall be deemed to be closed on a permanent basis, when it or they cease to operate for a period of ninety (90) days. 13.02 Employees who receive severance pay under the provisions of this Article shall, in doing so, terminate both their seniority and employment relationship with the Company and shall have no further rights or privileges under this Agreement or under any other Labour agreement or agreements between the signing parties.

Severance Pay. (1) In addition to the period of notice prescribed for ordinary termination in clause 7 – Termination of employment, an employee whose employment is terminated by reason of redundancy must be paid, subject to further order of a Court with jurisdiction, the following amount of severance pay in respect of a continuous period of service: Less than 1 year Nil 1 year but less than 2 years 4 weeks’ pay 2 years but less than 3 years 6 weeks’ pay 3 years but less than 4 years 7 weeks’ pay 4 years and over 8 weeks’ pay

Severance Pay. 63.01 Under the following circumstances and subject to clause 63.02, an employee shall receive severance benefits calculated on the basis of the weekly rate of pay to which he or she is entitled for the classification prescribed in his or her certificate of appointment on the date of his or her termination of employment.

Severance Pay. In addition to the notice required above, an employee whose employment is terminated due to redundancy shall be entitled to the following amounts of severance pay: Less than 1 year nil 1 year but less than 2 years 4 2 years but less than 3 years 6 3 years but less than 4 years 7 4 years but less than 5 years 8 5 years but less than 6 years 10 6 years but less than 7 years 11 7 years but less than 8 years 13 8 years but less than 9 years 14 9 years or more 16 (Note: the above payments represent a combination of the requirements of the NES and the previously existing State Standard.)