Basis of Severance Payment Sample Clauses

Basis of Severance Payment. The amount of the severance payment, upon retirement, shall be to a maximum of 200 days' pay at the employee's daily rate of pay as of the date of retirement, not to exceed $20,000.
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Basis of Severance Payment. Full-time qualifying employees hired on or before January 1, 2004, at the time of their retirement, shall have their choice of one of the two Options listed below for calculation of their severance payment.
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Basis of Severance Payment. A teacher, upon retirement, shall be eligible to receive a severance payment which shall be equal to 5 days of the teacher's base salary rate for each full year of full-time continuous service to the School District, not to exceed a total of 128 days' pay.
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Basis of Severance Payment. Full-time principals who meet Retirement/Severance Pay eligibility requirements as stated in Article XIV, Section 1, shall receive as severance payment, the maximum amount of 110 days pay or the lesser of any limitations established by Minnesota statute.
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Related to Basis of Severance Payment

  • Severance Payment Executive will be paid continuing payments of severance pay at a rate equal to Executive’s base salary rate, as then in effect, for twelve (12) months from the date of such termination of employment, to be paid periodically in accordance with the Company’s normal payroll policies.

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

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