ACCRUED SICK LEAVE PAYOUT Sample Clauses

ACCRUED SICK LEAVE PAYOUT. Any employee who qualifies by age and service for retirement under the Employee Retirement Income Plan and who elects to retire from the University or who has at least 20 years of continuous service and who voluntarily terminates from the University will be eligible for additional compensation or health care benefits, provided such employee has a balance of accrued sick leave hours as follows: A. Eligible employees will receive a lump-sum amount, determined by multiplying 30% of a maximum of 1,200 hours of their unused accrued sick leave by the employee's basic straight-time hourly rate (not to exceed 360 hours’ pay). B. This lump-sum amount will be paid as terminal compensation, in addition to hours actually worked and any unused personal holiday time and accrued vacation as provided under this Agreement. In the event the employee dies during active employment, the above payment will be made to the employee’s designated beneficiary.
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ACCRUED SICK LEAVE PAYOUT. An employee having accrued sick leave to the employee's credit shall, on retirement after ten (10) years continuous service, receive a salary grant in lieu thereof, equal to such credit, to a maximum of sixty (60) days. Retirement shall be on or after the attainment of the minimum retirement age of fifty-five (55) in conformity with the provisions of the Municipal Pension Plan. In the event of death, any accrued sick leave cash bonus shall be paid to the employee's beneficiary, up to a maximum of sixty (60) days. For the purposes of this clause, ten (10) month employees shall be considered to have been employees for one (1) year for each ten (10) months of employment. If an employee is absent from work because of sickness, disability, accident, layoff or leave of absence approved by the Employer, the employee shall not lose the employee's accrued sick leave. The parties agree that all existing employees that have fifteen (15) years’ seniority as at the date of the signing of this memorandum of agreement (May 5, 2004) shall be entitled to receive the sick leave benefit under Article 16.07 upon termination provided that they have completed twenty (20) years’ continuous service.
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ACCRUED SICK LEAVE PAYOUT. An employee having accrued sick leave to the employee's credit shall, on retirement after ten (10) years continuous service, receive a salary grant in lieu thereof, equal to such credit, to a maximum of sixty (60) days. In the event of death, any accrued sick leave cash bonus shall be paid to the employee's beneficiary, up to a maximum of sixty (60) days. For the purposes of this clause, ten (10) month employees shall be considered to have been employees for one (1) year for each ten (10) months of employment. If an employee is absent from work because of sickness, disability, accident, layoff or leave of absence approved by the Employer, the employee shall not lose the employee's accrued sick leave. The parties agree that all existing employees that have fifteen (15) years’ seniority as at the date of the signing of this memorandum of agreement shall be entitled to receive the sick leave benefit under Article 16.07 upon termination provided that they have completed twenty (20) years’ continuous service.
Sample 1
ACCRUED SICK LEAVE PAYOUT. Any employee who qualifies by age and service for retirement under the Employee Retirement Income Plan and who elects to retire from the University or who has at least 20 years of continuous service and who voluntarily terminates from the University will be eligible for additional compensation or health care benefits, provided such employee has a balance of accrued sick leave hours as follows: A. OPTION 1 – SICK LEAVE PAY OUT 1. Eligible employees will receive a lump-sum amount, determined by multiplying 30% of a maximum of 1,200 hours of their unused accrued sick leave by the employee's basic straight- time hourly rate (not to exceed 360 hours’ pay). 2. This lump-sum amount will be paid as terminal compensation, in addition to hours actually worked and any unused personal holiday time and accrued vacation as provided under this Agreement. In the event the employee dies during active employment, the above payment will be made to the employee’s designated beneficiary.
Sample 1

Related to ACCRUED SICK LEAVE PAYOUT

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Accrued 100% sick leave The use of sick leave under this subsection is at the employee's discretion.

  • Sick Leave Pay A Nurse granted sick leave shall be paid for the period of such leave at her or his regular hourly rate of pay and the number of hours thus paid shall be deducted from the accumulated sick leave credits of the Nurse.

  • Sick Leave Bonus ‌ For every six (6) months of perfect sick leave attendance after July 1, 1987, the employee will receive eight (8) hours of bonus time. This bonus time will be prorated for part-time employees. Such bonus time can be used for any leave purpose covered by this Agreement. Such bonus time shall be counted as vacation leave credits for purposes of determining eligibility for carry- over and cash payments.

  • Sick Leave Incentive The City will institute a sick leave incentive based on the usage of the bargaining unit; further, the City will pay each person who qualifies during January of each year. The incentive will be calculated and monitored by the Personnel Department and will be based on the pay periods during a calendar year. The incentive shall be awarded only when the bargaining unit's average sick leave usage is less than the City average and the following conditions are met: When the bargaining unit's sick leave usage is greater than forty (40) hours but less than the City average, the City will pay each member using between zero (0) and sixteen (16) hours of sick leave, eight (8) hours pay and any member using more than sixteen (16) but equal to or less than twenty-four (24) hours, four (4) hours pay. When the bargaining unit's average sick leave usage is equal to or less than forty (40) hours, the City will pay each member who used between zero (0) and sixteen (16) hours, sixteen (16) hours of pay at their current hourly rate. Those members who used more than sixteen (16) but equal to or less than twenty-four (24) hours, will receive eight (8) hours of pay.

  • Sick Leave Allowance Faculty with a full-time assignment shall accrue sick leave at the rate of eight

  • Sick Leave Benefits Sick leave is an indemnity benefit and not an acquired right. A Nurse who is absent from a scheduled shift on approved sick leave shall only be entitled to sick leave pay if the Nurse is not otherwise receiving pay for that day, and providing the Nurse has sufficient sick leave credits.

  • Accrued Compensation On any termination of the Executive’s employment with the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under any Company-provided plans, policies, and arrangements.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Accrued Salary On the Separation Date, the Company will pay you all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings. You will receive these payments regardless of whether or not you sign this Agreement.

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