PAYMENT OF VACATION BALANCES OF DECEASED EMPLOYEES Sample Clauses

This clause establishes the employer's obligation to pay out any accrued but unused vacation balances to the estate or beneficiaries of an employee who passes away. In practice, it specifies the process for calculating the remaining vacation entitlement and outlines to whom and how the payment should be made, such as to a designated beneficiary or the employee's legal representative. The core function of this clause is to ensure that earned benefits are not forfeited upon death, providing clarity and fairness for both the employer and the deceased employee's heirs.
PAYMENT OF VACATION BALANCES OF DECEASED EMPLOYEES. When a member dies while in paid status, any unused vacation leave to his/her credit shall be paid to the surviving spouse. In the event the member has no surviving spouse, said balance shall be paid to the estate of the deceased, any other provisions of this Article notwithstanding.
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Related to PAYMENT OF VACATION BALANCES OF DECEASED EMPLOYEES

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  • Vacation Benefits During the Term, the Executive shall be eligible for 20 vacation days annually, which shall be accrued and used in accordance with the applicable policies of the Company. During the Term, the Executive shall be eligible to participate in such medical, dental and life insurance, retirement and other plans as the Company may have or establish from time to time on terms and conditions applicable to other senior executives of the Company generally. The foregoing, however, shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.