Calculation of Severance Pay Sample Clauses

Calculation of Severance Pay. An eligible employee shall receive as severance pay upon her/his retirement, the amount obtained by multiplying the number of his/her accrued accumulative leave days up to 480 hours, times her/his hourly rate of pay at the time of retirement, disability or death, times the percentage determined by the employee’s years of service on her/his last day of employment. 10 full years of service 40% 15 full years of service 50% 20+ full years of service 60%

Calculation of Severance Pay. 11.6.2.1 Immediately upon appointment, permanent regular employees are entitled to be paid one month's severance pay should their employment, as a result of the discontinuance of the course for which they are employed or the reduction of the number of employees required for the course, be terminated by the employer within one year of their appointment as permanent regular employees. Should such severance occur after one year, the employees' entitlement to severance pay shall be increased by one month's salary every additional year of employment with the College and pro-rated monthly, up to a maximum of 5 months for the first 5 years and further pro-rated monthly by one month for each 3 years of employment thereafter to a combined total of 10 months. Such severance pay shall be based on the rate of pay of which the terminated employees are in receipt at the date notices are received. 11.6.2.2 Those who were hired as term employees and who have subsequently become permanent regular employees, will have their rights to severance pay dated back to the date on which their continuous employment commenced. 11.6.2.3 Severance pay, as outlined above, is in addition to notice as required by Article 11, (Reduction, Severance Pay and Recall), or pay in lieu thereof.

Calculation of Severance Pay for the transition from full- to part-time employment

Calculation of Severance Pay. 11.10.2.1 Severance pay for permanent regular faculty members whose employment is terminated under Article 11 shall be calculated as described below. Severance pay shall be based on the faculty member’s rate of pay on the date when notice of ▇▇▇▇▇▇ was received. Complete Years of Continuous Employment Severance Pay (Months of Salary) Less than 1 1 month 1 but less than 2 1 month, plus 1/12 month for each complete month after 1 year 2 but less than 3 2 months, plus 1/12 month for each complete month after 2 years 3 but less than 4 3 months, plus 1/12 month for each complete month after 3 years 4 but less than 5 4 months, plus 1/12 month for each complete month after 4 years 5 but less than 8 5 months, plus 1/36 month for each complete month after 5 years 8 but less than 11 6 months, plus 1/36 month for each complete month after 8 years 11 but less than 14 7 months, plus 1/36 month for each complete month after 11 years 14 but less than 17 8 months, plus 1/36 month for each complete month after 14 years 17 but less than 20 9 months, plus 1/36 month for each complete month after 17 years 20 or more 10 months 11.10.2.2 Those who were hired as term faculty members and who have subsequently become permanent regular faculty members, will have their rights to severance pay dated back to the date on which their continuous employment commenced. 11.10.2.3 Severance pay, as outlined above, is in addition to notice as required by Article 11, (Reduction, Recall and Severance Pay), or pay in lieu thereof.

Calculation of Severance Pay. Severance pay shall be calculated at a rate of one month’s pay at the employee’s current rate of pay for each full year of working service. Partial years of employment shall be prorated for this calculation. Regardless of years of working service, the maximum amount payable by way of severance shall be limited to twelve (12) months pay and payable to the employee on the last day of their notice period. (See Article 17.7.8)

Calculation of Severance Pay. ▇. ▇▇▇▇▇▇▇▇▇ pay will be based upon the daily rate of pay as determined from the individual's contract last in effect prior to the termination of employment. ▇. ▇▇▇▇▇▇▇▇▇ pay will be given for all days of accumulated sick leave, at the time of termination, up to forty (40) days. For a bargaining unit member who has accumulated more than forty (40) days of sick leave, those days in excess of forty (40) will be multiplied by one-half (l/2) and added to the initial forty (40) days. Except as provided in Paragraphs C, D, and E below, no member shall receive a severance pay equal to more than sixty

Calculation of Severance Pay. An employee meeting the eligibility requirements of Section 1, Subdivision 1, at the time of resignation, retirement, disability or death, shall receive severance pay as follows: a. $300 per year of qualifying service; b. Total severance pay under this section will not exceed $15,000 for any eligible employee.

Calculation of Severance Pay. Employees hired prior to July 1, 2010 who do not receive a 403b match shall receive as severance pay upon his/her retirement, the amount obtained by multiplying the number of his/her accrued accumulative leave days times his/her daily rate of pay at the time of retirement, disability or death.

Calculation of Severance Pay. An average monthly pay for this purpose will be calculated for each employee individually as follows: a. All hours worked by the employee during the prior twelve (12) months, whether as a deckhand or as a captain, shall by multiplied by the highest hourly pay the employee earned as a deckhand during that time. b. The total from a. above shall be divided by twelve (12). c. The result shall be that employee’s average monthly pay. Severance pay shall be determined by multiplying the employee’s average monthly pay by two and then by a number equal to the number of years of that employee’s service, up to a maximum of three (3) years, for a total of up to six (6) months of severance pay.