Common use of Retiring Allowance Clause in Contracts

Retiring Allowance. 42.01 An employee who retires after reaching the age of 60 shall be entitled to a retiring allowance equal to $1,000 per year of service up to a maximum of $5,000 less applicable statutory deductions if the retiring employee’s combined age and length of service (calculated from his/her last hire date) add up to at least 70.

Retiring Allowance. 42.01 40.01 An employee who retires after reaching the age of 60 shall be entitled to a retiring allowance equal to $1,000 per year of service up to a maximum of $5,000 less applicable statutory deductions if the retiring employee’s combined age and length of service (calculated from his/her last hire date) add up to at least 70.