Redundancy package definition
Redundancy package means a financial payment which shall be made to an employee whose position has been identified as redundant and who has requested separation or where redeployment has been unsuccessful. Accepting a redundancy package will not be construed as resignation on the part of the employee.
Examples of Redundancy package in a sentence
In the event that Port Authority is required to reduce numbers of Employees through restructuring, the parties to this Agreement reserve the right to negotiate a Voluntary Redundancy package (which does not include an entitlement to leave loading).
All persons selected for any Redundancy package would be subject to acceptance by the General Manager.