Severance Pay definition

Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

Severance Pay means the payment determined pursuant to Section 2.1 hereof.

Severance Pay means the amounts payable as set forth in Section 5(a).

Examples of Severance Pay in a sentence

• Such employees will be covered by all terms of the CBA, including, but not limited to, just cause protections, healthcare benefits, 401K, expense reimbursements, and parental leave (under the terms of the policy), with the exception of the following: 7.1 (Severance pay - short-term temporary employees, hired for less than six (6) months are ineligible for severance), and 14.3 (Guild Leave).

• Severance pay will be payable on the basis of two percent (2%) per year of employment of accumulated sick leave credit as of the date the employee actually leaves the Civic service to a maximum of sixty percent (60%) of such credit.

• Severance pay for employees on lay-off will be two (2) days for every year of service at the rate of pay at the time lay-off was effective.

• Severance pay shall not be payable to an employee who has been dismissed or who has abandoned position.

• Employees with only PTO PTO paid up to 480 hours PTO paid up to 480 hours PTO paid up to 480 hours Severance pay shall be computed on the basis of the employee's BASE PAY RATE in effect on the date of termination.

More Definitions of Severance Pay

Severance Pay means the amount, if any, payable under Section 4 of the Plan to an Eligible Employee.

Severance Pay means compensation in addition to regular salaries and wages that is paid by a school to an employee whose employment is being terminated.

Severance Pay has the meaning set forth in Section 6(b)(i).

Severance Pay means the sum payable as set forth in Section 3.1 of the Plan.

Severance Pay means the sum payable to a Covered Employee upon Termination of Employment as set forth in Section 3.1 of the Plan.

Severance Pay refers to the cashing out a combination of accrued but unused sick leave, vacation and paid time off (PTO) under certain conditions and subject to the limitations stated in this article herein titled “Severance Pay”. For purposes of an employee’s contributions to a Health Care Savings Plan (HCSP), “severance” also includes unused sick leave, vacation, and PTO balances subject to the limitations of this article, as well as Articles 11A Vacation and 11B Paid Time Off. See Article 22.

Severance Pay shall only mean the Executive's base salary at the Severance Rate.