Common use of Cash Equivalent Clause in Contracts

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment - 1 year • Upon ill health retirement - 5 years • Upon retirement within 10 years of attaining age 65 - 5 years • Upon death - 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee's dependants (if any) or, if there be no dependant, to the employee's personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment - – 1 year • Upon ill health retirement - – 5 years years. • Upon retirement within 10 ten years of attaining age 65 - – 5 years • Upon death - – 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee's dependants ’s dependents (if any) or, if there be no dependantdependent, to the employee's ’s personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment - 1 year • Upon ill health retirement - 5 years • Upon retirement within 10 ten years of attaining age 65 - 5 years • Upon death - 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee's ’s dependants (if any) or, if there be no dependant, to the employee's ’s personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • * Upon retrenchment - 1 year • 7 years * Upon ill health retirement - 5 years • retirement- 7 years. * Upon retirement within 10 ten years of attaining age 65 - 5 65-7 years • * Upon death - 5 7 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee's dependants dependents (if any) or, if there be no dependantdependent, to the employee's personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment - – 1 year • Upon ill health retirement - – 5 years years. • Upon retirement within 10 ten years of attaining age 65 - – 5 years • Upon death - – 5 years Where an employee Employee dies, the amount which would have been payable to that employee Employee had that employee Employee retired or been dismissed on the date on which the employee Employee actually died shall be paid to the employee's dependants ’s dependents (if any) or, if there be no dependantdependent, to the employee's personal representativeEmployee’s estate.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • o ¨ Upon retrenchment - – 1 year • o ¨ Upon ill health retirement - – 5 years • years. o ¨ Upon retirement within 10 ten years of attaining age 65 - – 5 years • o ¨ Upon death - – 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee's dependants ’s dependents (if any) or, if there be no dependantdependent, to the employee's ’s personal representative.