Severance Pay Policy Clause Samples
A Severance Pay Policy clause outlines the conditions under which an employee is entitled to receive compensation upon termination of employment. Typically, this clause specifies eligibility criteria, such as length of service or reason for termination, and details the amount or formula used to calculate the severance payment. Its core function is to provide financial support to employees who lose their jobs involuntarily, while also offering clarity and predictability for both employers and employees regarding post-employment compensation.
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Severance Pay Policy. Purchaser will cause Company, IAA, and IAJ for a period of twelve (12) months following the Closing to maintain a severance pay policy no less favorable to the current employees of the Company, IAA, and IAJ than the severance pay policy described in Section 5(e) of the Disclosure Schedule.
Severance Pay Policy. (a) Upon an employee’s death or retirement from the Western Reserve School System, said employee or his/her estate will receive severance pay.
(b) The employee must have eight (8) or more years of service with the state and/or any political subdivision, three (3) of which must be with the Western Reserve Local School District, to be paid in cash for one-fourth (1/4 ) the value of his/her accrued, but unused sick leave credit up to a maximum of sixty (60) days. An employee with twenty-five (25) or more years of service in the Western Reserve LSD will be paid for one half (1/2) the value of his/her accrued, but unused sick leave credit up to a maximum of one hundred and twenty (120) days.
(c) The payment shall be based on the employee’s per diem rate of pay at the time of retirement (excluding extended time and supplemental salary) and eliminates all sick leave credit accrued, but unused by the employee at the time payment is made.
(d) An employee is eligible for severance pay only once.
(e) Documentation of death or retirement must be presented to the Treasurer before payment is made.
Severance Pay Policy. For employees hired prior to July 1, 2020, upon retirement from the District, in accordance with rules of the School Employees Retirement System, (SERS), an employee is eligible to receive payment for the following terms. For employees hired on or after July 1, 2020, employees with ten (10) or more years of service with the District will also be eligible for service based upon the following terms.
Severance Pay Policy