Common use of Retiring Allowance Clause in Contracts

Retiring Allowance. (a) The Company and Union recognize that in face of significant reduction of the workforce due to job elimination, attrition through early retirement is a preferential way to decrease the size of the workforce. For the term of this Agreement and consistent with 3. Notice above, and; the continued availability of a skilled workforce, a one month window of opportunity will be opened for eligible employees to exercise a retirement leaving option. (b) Employees exercising the option shall terminate their employment within four (4) weeks after the implementation of the job elimination. (c) Eligible employees are those employees who are fifty-five (55) years or older and who qualify for pension benefits under the PPWC ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ Products Plan. (d) Employees wishing to exercise the Retirement Leaving Option shall be entitled to receive a Severance Allowance in accordance with 5 above as well as pension benefits in accordance with the applicants pension entitlement. (e) The Retirement Leaving Allowance may be directly rolled into an R.R.S.P. or other tax shelter as may be permissible under the Income Tax Act, otherwise it will be subject to the appropriate tax deductions.

Retiring Allowance. (a) The Company and Union recognize that in face of significant reduction of the workforce work force due to job eliminationtechnological change, attrition through early retirement is a preferential way to decrease the size of the workforce. For the term of this Agreement and consistent with 3. Required Notice above, and; the continued availability of a skilled workforce, a one month window of opportunity will be opened for eligible employees to exercise a retirement leaving option. (b) Employees exercising the option shall terminate their employment within four (4) weeks after from the implementation of date the job eliminationtechnological change is implemented. (c) Eligible employees are those employees who are fifty-five (55) years or older and who qualify for pension benefits under the PPWC ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ Products Plan. (d) Employees wishing to exercise the Retirement Leaving Option shall be entitled to receive a Severance Allowance in accordance with 5 (a) above as well as pension benefits in accordance with the applicants pension entitlement. (e) The Retirement Leaving Retiring Allowance may be directly rolled into an R.R.S.P. or other tax shelter as may be permissible under the Income Tax Act, otherwise it will be subject to the appropriate tax deductions.