Common use of Severance Termination Clause in Contracts

Severance Termination. a. Subject to F2.02 above, indeterminate employees with ten (10) or more years of continuous employment with the Corporation on the 17th of December 2012 shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment with the Corporation and, in the case of a partial year of continuous employment with the Corporation, one (1) week's pay multiplied by the number of days of continuous employment with the Corporation divided by three hundred and sixty-five (365), to a maximum of thirty (30) weeks. b. Subject to F2.02 above, indeterminate or term employees with less than ten (10) years of continuous employment with the Corporation on the 17th of December 2012 shall be entitled to a severance payment equal to one (1) week's pay for each complete year of continuous employment with the Corporation and, in the case of a partial year of continuous employment with the Corporation, one (1) week's pay multiplied by the number of days of continuous employment with the Corporation divided by three hundred and sixty-five (365), to a maximum of thirty (30) weeks.

Appears in 3 contracts

Sources: Collective Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement