Calculating Redundancy Payments Clause Samples

The 'Calculating Redundancy Payments' clause defines how an employee's redundancy compensation is determined when their position is eliminated. Typically, this clause outlines the formula used to calculate the payment, such as basing it on the employee's length of service, final salary, and any statutory minimums or caps. For example, it may specify that employees receive a set number of weeks' pay for each year of service. The core function of this clause is to ensure transparency and fairness in the redundancy process by providing a clear method for determining the amount owed to affected employees.
Calculating Redundancy Payments. Redundancy payments will be calculated on: the employee’s salary on the date of termination; and allowances in the nature of salary which are paid during periods of annual leave and on a regular basis, excluding allowances which are a reimbursement for expenses incurred or a payment for disabilities associated with the performance of duty. The redundancy payment will be calculated on a pro-rata basis for any period where the employee has worked part-time hours during their period of service and they have less than 24 years full time service. Subject to Clauses 77.4 and 77.5 service for severance pay purposes means: service in the MDBA;
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Calculating Redundancy Payments. 89.1. Redundancy payments will be calculated on: a) the employee’s salary on the date of termination; and b) allowances in the nature of salary which are paid during periods of annual leave and on a regular basis, excluding allowances which are a reimbursement for expenses incurred or a payment for disabilities associated with the performance of duty. 89.2. The redundancy payment will be calculated on a pro-rata basis for any period where the employee has worked part-time hours during his or her period of service and he or she has less than 24 years full time service. 89.3. Subject to Clauses 89.4 and 89.5 service for severance pay purposes means: a) service in the Authority;
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Calculating Redundancy Payments. 455. Redundancy payments will be calculated on: 455.1 the employee’s salary on the date of termination; and
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Calculating Redundancy Payments. 84.1. Redundancy payments will be calculated on: o the employee’s salary at the substantive work value level on the date of termination; o the salary of the higher level work value level, where the employee has been working at the higher level for a continuous period of at least 12 months immediately preceding the date on which the employee is given notice of termination; and o other allowances in the nature of salary which are paid during periods of annual leave and on a regular basis, excluding allowances which are a reimbursement for expenses incurred, or a payment for disabilities associated with the performance of duty. 84.2. Where an employee has worked part-time hours during his or her period of service and the employee has less than 24 years full-time service, the 2 weeks per year of service that relates to the part-time service will be paid on pro-rata basis as follows: o current annual full-time equivalent salary (used for redundancy purposes), divided by full time hours, multiplied by the part-time hours for that part-time period worked. 84.3. Subject to Clauses 85.4, 85.5 and 85.6 service for redundancy pay purposes means: o services in an APS agency; o government service as defined in section 10 of the Long Service Leave (Commonwealth Employees) ▇▇▇ ▇▇▇▇; o service with the Commonwealth (other than service with a joint Commonwealth- State body corporate in which the Commonwealth does not have a controlling interest) which is recognised for long service leave purposes; o service with the Australian Defence Forces; o APS service immediately preceding deemed resignation (as defined), if the service has not previously been recognised for severance pay purposes; and o service in another organisation where an employee was transferred from the APS to that organisation with a transfer of function or an employee engaged by that organisation on work within a function is appointed as a result of the transfer of that function to the APS and such service is recognised for long service leave purposes. 84.4. Periods of service that will not count as service for redundancy pay purposes are any periods of service that ceased by way of: o termination under s29 of the Public Service ▇▇▇ ▇▇▇▇; o prior to the commencement of the Public Service ▇▇▇ ▇▇▇▇, by way of redundancy; retirement on ground of invalidity; inefficiency or loss of qualifications; forfeiture of office; dismissal or termination of probationary appointment for reasons of unsatisfactory service; o ...
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Calculating Redundancy Payments. 309. Redundancy payments will be calculated on:
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Related to Calculating Redundancy Payments

  • Contract Adjustment Payments Subject to Section 5.3 herein, the Company shall pay, on each Payment Date, the Contract Adjustment Payments payable in respect of each Purchase Contract to the Person in whose name a Certificate (or one or more Predecessor Certificates) is registered at the close of business on the Record Date next preceding such Payment Date. The Contract Adjustment Payments will be payable at the office of the Agent in The City of New York maintained for that purpose or, at the option of the Company, by check mailed to the address of the Person entitled thereto at such Person's address as it appears on the Income PRIDES Register or Growth PRIDES Register. Upon the occurrence of a Termination Event, the Company's obligation to pay Contract Adjustment Payments (including any accrued or Deferred Contract Adjustment Payments) shall cease. Each Certificate delivered under this Agreement upon registration of transfer of or in exchange for or in lieu of (including as a result of a Collateral Substitution or the re-establishment of an Income PRIDES) any other Certificate shall carry the rights to Contract Adjustment Payments accrued and unpaid, and to accrue Contract Adjustment Payments, which were carried by the Purchase Contracts underlying such other Certificates. Subject to Section 5.9, in the case of any Security with respect to which Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date that is after any Record Date and on or prior to the next succeeding Payment Date, Contract Adjustment Payments, if any, otherwise payable on such Payment Date shall be payable on such Payment Date notwithstanding such Early Settlement, and such Contract Adjustment Payments shall be paid to the Person in whose name the Certificate evidencing such Security (or one or more Predecessor Certificates) is registered at the close of business on such Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Security with respect to which Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date, Contract Adjustment Payments that would otherwise be payable after the Early Settlement Date with respect to such Purchase Contract shall not be payable. The Company's obligations with respect to Contract Adjustment Payments, will be subordinated and junior in right of payment to the Company's obligations under any Senior Indebtedness.

  • Operating Expense Payments Landlord shall deliver to Tenant a written estimate of Operating Expenses for each calendar year during the Term (the “Annual Estimate”), which may be revised by Landlord from time to time during such calendar year. During each month of the Term, on the same date that Base Rent is due, Tenant shall pay Landlord an amount equal to 1/12th of Tenant’s Share of the Annual Estimate. Payments for any fractional calendar month shall be prorated.

  • Payment Adjustments Notwithstanding anything to the contrary in this Article 3, any payment pursuant to this Article: (a) shall be subject to (i) any delay in payment or reduction required by Section 5.2 hereof, and (b) shall be subject to a set-off equal to the gross amount of any current or deferred compensation, including wages, salary, fees, benefits, tangible or intangible property or ownership rights or interests or other property rights, received by Executive or which he becomes entitled to receive in the future as remuneration for services to any Person, business or other entity as a result of, or in exchange for, any work or services performed, or any intellectual property conveyed by Executive, during the Restricted Period (“Remuneration”), provided that the foregoing provision shall in no way limit or impair Executive’s obligations or the Bank’s rights under Article 3 or Article 4 of this Agreement. Executive understands and agrees that the Bank’s set-off rights will accrue, and any set-off pursuant to this provision will be applied to any non-compete payments due (or previously paid or accrued), after the earlier of Executive’s receipt or accrual of Remuneration (the Set-off Date), and if Executive is not entitled to further payments under this Agreement, Executive agrees to refund the setoff amount in full to the Bank within fourteen (14 days) of Executive’s Certification reporting such remuneration or the Set-off Date, whichever is later.

  • Payments of Post-Closing Adjustment Except as otherwise provided herein, any payment of the Post-Closing Adjustment, together with interest calculated as set forth below, shall (A) be due (x) within five (5) Business Days of acceptance of the applicable Closing Working Capital Statement or (y) if there are Disputed Amounts, then within five (5) Business Days of the resolution described in clause (v) above; and (B) be paid by wire transfer of immediately available funds to such account(s) as is directed by Buyer or Sellers, as the case may be.

  • EXPENSE PAYMENTS The Owner hereby gives power to the Agent to pay expenses and costs for the Property from the Owner’s funds held by the Agent, unless otherwise directed by the Owner. The expenses and costs may include, but are not limited to, property management compensation, fees and charges, expenses for goods and services, property taxes and other taxes, association or condominium dues, assessments, loan payments, and insurance premiums.