Dismissal Pay Allowances. A regular employee whose service with the Company (as set forth in Article 12) exceeds six (6) months, and who has been laid off because of reduction of force, may receive dismissal pay in accordance with the following table. Any such employee who is eligible for early retirement under the provisions of the retirement plan may, and the Company will consent, elect to retire and in that event he shall not be eligible to receive any dismissal pay. Total Allowance in Weeks of Pay Service Seniority Per Year of Service 6 months but less than 1 year 0.50 week 1 year but less than 6 years 1.00 week 6 years but less than 11 years 1.25 weeks 11 years but less than 16 years 1.60 weeks 16 years but less than 21 years 2.00 weeks 21 years but less than 30 years 2.60 weeks 30 years but less than 35 years 3.00 weeks 35 years or more 105 weeks (max. allowance) The total amount of dismissal pay shall be computed on the basis of the employee's "dismissal hourly rate." This rate shall be his hourly base rate of pay (including shift component if classified on a shift job for twelve (12) months prior to date of layoff) as the date of layoff or the average straight time rate of pay which he has received for the sixty (60) month period prior to the date of layoff, whichever is the greater.
