Severance Pay Benefit Sample Clauses

Severance Pay Benefit. The severance benefit will be calculated on the following formula. Ten (10) or more years of service = one third (1/3) of the number of accrued sick leave days not to exceed sixty (60) days times the employee’s per diem rate.
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Severance Pay Benefit. If Executive's employment with the Company is either terminated by the Company or he incurs a Change in Duties at any time within the period of twenty-four (24) months following a Change of Control or Ownership Change (as hereinafter defined), and provided that Executive's termination of employment is not for cause (as hereinafter defined) and Executive has not been offered employment in a comparable position with the Company within sixty (60) calendar days of his employment termination date, then in such case:
Sample 1
Severance Pay Benefit. A. Upon resignation, retirement, termination due to low enrollment or program elimination, or death, an eligible instructor shall receive severance pay according to the following formula: One-half of up to 145 days accumulated unused sick leave.
Sample 1

Related to Severance Pay Benefit

  • 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.

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