Common use of Termination and Severance Pay Clause in Contracts

Termination and Severance Pay. Within fourteen calendar days of a written notice of Permanent (not term) position being eliminated, an employee who signs an agreement to terminate employment will be entitled to severance pay of two weeks’ pay at the employee’s current rate of pay for every year or partial year of service to a maximum of fifteen months’ pay. The payment will be calculated to the date the employee leaves the Permanent position and made on the date the employee leaves the Permanent position or a succeeding term position, whichever is later. This fourteen day period may be extended by the Employer for good and sufficient reason. The employee will forgo any further rights under the Collective Agreement.

Termination and Severance Pay. Within fourteen calendar days of a written notice of Permanent (not term) position being eliminated, an An employee who signs an agreement to terminate employment will be entitled to severance pay of two weeks’ pay at the employee’s current rate of pay for every year or partial year of service to a maximum of fifteen months’ pay. The payment will be calculated to the date the employee leaves the Permanent position and made on the date the employee leaves the Permanent position or a succeeding term position, whichever is later. This fourteen day period may be extended by the Employer for good and sufficient reason. The employee will forgo any further rights under the Collective Agreement.