Voluntary Exit Option definition

Voluntary Exit Option. “If after making offers of early retirement, individual layoff notices are still required, prior to issuing those notices the Hospital will offer a voluntary early exit option in accordance with the following conditions:” i) “The Hospital will first make offers in the classifications within department(s) where layoffs would otherwise occur. If more employees than are required are interested, the Hospital will make its decision based on seniority.” ii) “If insufficient employees in the department affected accept the offer, the Hospital will then extend the offer to employees in the same classification in other departments. If more employees than are required are interested, the Hospital will make its decision based on seniority.” iii) “In no case will the Hospital approve an employee’s request under (i) and (ii) above for a voluntary early exit option, if the employees remaining are not qualified to perform the available work.” iv) “The number of voluntary early exit options the Hospital approves will not exceed the number of employees in that classification who would otherwise be laid off. The last day of employment for an employee who accepts a voluntary early exit option will be at the Hospital’s discretion and will be no earlier than thirty (30) calendar days immediately following the employee’s written acceptance of the offer.” “An employee who elects a voluntary early exit option shall receive, following completion of the last day of work, a separation allowance of two
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Examples of Voluntary Exit Option in a sentence

  • As an alternative to layoffs, the Parties shall activate the Voluntary Exit Option as follows: An employee is eligible for the and must apply to the Administrator of Staff Relations in writing by the date established by the Employer.

  • The senior nurse requesting to take the layoff must commit to the Employer, in writing, their agreement to take a Voluntary Exit Option.

  • The following options will be made available to employees affected by restructuring in accordance with Article .O A Voluntary Exit Option will consist of an early retirement program for employees eligible for early retirement under their applicable pension plan, or voluntary resignation for all other employees.

  • Upon under the Voluntary Exit Option, the exiting employee will receive two weeks each year of continuous service to a maximum of twelve weeks pay plus termination payments in accordance with Article Termination Payments.