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. 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. An employee, other than an employee of a small employer as defined in this clause 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: 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

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. (a) Monthly payments equivalent to Employee’s monthly base salary as of the effective date of termination, without regard to any temporary salary reduction that may be in effect at such date due to material market disruptions resulting from the impact of the COVID-19 (or other) pandemic, for the duration of the Non-Compete Period. Severance payments shall commence with the Employee’s effective date of termination and shall be made in accordance with Aramark’s normal payroll cycle. The period during which Employee receives these monthly severance payments shall be referred to as the “Severance Pay Period.” (b) If Employee is not entitled to a Bonus, pro rata or otherwise, in respect of the Aramark fiscal year in which Employee’s termination of employment occurs under the terms of the applicable Bonus Plan (as such term is defined in Exhibit B hereto), a pro rata portion, if any, of the Bonus to which Employee would have been entitled if Employee satisfied the eligibility criteria under the applicable Bonus Plan (the “Pro Rata Bonus”). If Employee is entitled to receive a Bonus, pro rata or otherwise, in respect of the Aramark fiscal year in which Employee’s termination of employment occurs under the terms of the applicable Bonus Plan, Employee shall be entitled to receive either the Bonus under the terms of the applicable Bonus Plan, or the Pro Rata Bonus, whichever is greater; provided, however, that in no event shall Employee receive duplicate Bonus and Pro Rata Bonus payments under each of this Agreement and the applicable Bonus Plan in respect of the Aramark fiscal year in which Employee’s termination of employment occurs. Further, for the avoidance of doubt, any portion of such Bonus or Pro Rata Bonus amount that is payable based on the achievement of any individual performance factors or financial performance metrics shall be determined in accordance with the terms of the applicable Bonus Plan. Any Bonus or Pro Rata Bonus payment will be paid at the same time as all other bonuses are paid under the applicable Bonus Plan. (c) An amount equal to (i) Employee’s Target Bonus (as such term is defined in Exhibit B hereto), multiplied by (ii) 1.5, which will be paid in substantially equal installments in accordance with Aramark’s normal payroll cycle over the Severance Pay Period.

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.