PERMANENT LAYOFF OPTIONS - Severance Pay Sample Clauses

PERMANENT LAYOFF OPTIONS - Severance Pay. (a) Severance Pay
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PERMANENT LAYOFF OPTIONS - Severance Pay a) Employees who have not made an election pursuant to 12.04 a) ii) or who have elected severance pay, on termination of their services, shall receive severance pay based on their salary at the time of displacement, as follows: Years of Service Amount of Severance Pay Service Years ofSeverance Pay Amount of less than 2 4 weeks of salary 7 or more 11 2 or more 6 8 or more 12 3 or more 6 9 or more 13 4 or more 8 10 or more 14 5 or more 9 11 or more 15 6 or more 10 12 or more 16 (cap) b) An employee who elects the severance pay option shall lose her employment status. c) Any monies advanced under Article 12.
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Related to PERMANENT LAYOFF OPTIONS - Severance Pay

  • Severance Pay Notwithstanding the provisions of Article 62 (Severance Pay) of this Agreement, where the period of continuous employment in respect of which severance benefit is to be paid consists of both full and part-time employment or varying levels of part-time employment, the benefit shall be calculated as follows: the period of continuous employment eligible for severance pay shall be established and the part-time portions shall be consolidated to equivalent full-time. The equivalent full-time period in years shall be multiplied by the full-time weekly pay rate for the appropriate group and level to produce the severance pay benefit.