Common use of Amount and Payment of Benefit Clause in Contracts

Amount and Payment of Benefit. An eligible employee's total lump sum or income continuation benefit shall equal one week of pay based on the employee’s base salary at the time of layoff (but excluding any shift differentials or other premiums) for each full year of Company service as of the employee's layoff date, subject to a maximum benefit of 26 weeks of pay. Eligible employees may elect either of the following: (a) Benefits will be paid as a lump sum within a reasonable period of time following the effective date of layoff. Employees who accept the voluntary layoff pursuant to the Letter of Understanding related to Voluntary Layoffs shall be paid in a single lump sum. Employees who elect this option will have priority consideration recall rights under Article 8 canceled.