Calculation of Redundancy Pay. Where an employee becomes redundant as a result of any of the circumstances stated in Clause 42.1 the employee shall receive a severance payment in accordance with the following calculation: (i) One weeks’ basic wages for each period of 52 weeks continuous employment covering a period up to 156 weeks. (ii) Two weeks’ basic wages for 52 weeks of continuous employment covering a period of employment in excess of 156 weeks but not exceeding 364 weeks. (iii) Three weeks’ basic wages for each period of 52 weeks of continuous employment covering a period in excess of 364 weeks.
Appears in 3 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Calculation of Redundancy Pay. Where an employee becomes redundant as a result of any of the circumstances stated in Clause 42.1 the employee shall receive a severance payment in accordance with the following calculation:
(i) One weeks’ basic wages for each period of 52 weeks weeks’ continuous employment covering a period up to 156 weeks.
(ii) Two weeks’ basic wages for 52 weeks of continuous employment covering a period of employment in excess of 156 weeks but not exceeding 364 weeks.
(iii) Three weeks’ basic wages for each period of 52 weeks of continuous employment covering a period in excess of 364 weeks.
Appears in 1 contract
Sources: Collective Bargaining Agreement