Common use of Retiring Allowance Clause in Contracts

Retiring Allowance. 31:01 Employees with ten (10) or more years of corporate service who retire or die shall be entitled to a retiring allowance in the amount of one (1) weeks’ pay for each year of accrued service or prorated portion thereof. In the event of the death of an employee, retiring allowance shall be paid to the employee’s beneficiary or otherwise to the employee’s estate. 31:02 Employees with ten (10) or more years of corporate service, who are terminated due to a permanent disability as deemed by Workers Compensation Board, shall be eligible to receive this allowance. 31:03 The rate of pay referred to in this section shall be that in effect at the time of retirement or death. 31:04 Employees who resign or retire shall be deemed to have terminated their employment with the Corporation for the purpose of fulfilling the requirements under the Civil Service Superannuation Act. 31:05 Effective January 1, 2012 any woman who retires and has taken maternity and/or parental leave during her career shall have that time credited to her accrued service for retiring allowances purposes only. 31:06 Effective September 18, 2016 any man who retires and has taken parental leave during his career shall have that time credited to his accrued service for retiring allowances purposes only.