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

• Time of Payment Severance pay shall be paid in one lump sum within two (2) months following the date of retirement .In case of the teacher's death, the unpaid severance pay shall be paid to the teacher's designated beneficiary, or if none has been designated, or if the designated beneficiary predeceases or dies within three (3) days of the retiring teacher, then to the teacher's secondary beneficiary or estate.

• Severance pay will be paid to those bargaining unit members who are terminating their employment under these provisions with the Bexley City Schools, on January 10 following the calendar year in which the retirement became effective.

• Severance pay benefits for eligible employees is based on years of recognized Company service credit, as follows: Years of Company Service Weeks of Severance Pay 1 but less than 2 1 2 but less than 4 2 4 but less than 7 3 7 but less than 10 4 10 but less than 15 6 15 but less than 20 9 20 but less than 25 12 25 and over 16 Severance pay is calculated using your base weekly rate of pay.

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 to a Covered Employee upon Termination of Employment as set forth in Section 3.1 of the Plan.

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

Severance Pay means (A) the sum of your Salary and your annual target Bonus for the fiscal year in which the Termination Notice is given (or if such target Bonus has not yet been established for such fiscal year, the target Bonus for the fiscal year prior to the year in which the Termination Notice is given) multiplied by (B) the severance multiplier provided on your Schedule (your “Severance Multiplier”).

Severance Pay means Severance Allowance as provided in Section 3(a) and Exhibit A plus Alternate AIP Award or Alternate SIP Award, as applicable, as provided in Section 3(c) and (d).