Common use of TERMINATION ALLOWANCE Clause in Contracts

TERMINATION ALLOWANCE. Provided that an employee gives no less than two (2) months’ notice of intention to terminate or any shorter period as the Employer may agree, an employee who has ten (10) or more academic years of continuous employment, is entitled to be paid on termination a severance pay equal to two (2) times their daily rate of pay multiplied by their active years of service to a maximum of twenty-six