Calculation of Severance Allowance Monies Sample Clauses

Calculation of Severance Allowance Monies. (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the basis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two
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Calculation of Severance Allowance Monies. (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the basis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two (2) years as calculated in the following example: If an employee has fifteen (15) years’ service and 1000 into her/his sixteenth (16th) year, she/he shall be entitled to: Fourteen (14) years’ service - 7 weeks Fifteenth (15th) year - 2½ days 1000 hours additional 1000 X 2.5 days 1879.2 or 1.33 days Effective the first pay period between September 30, 2004 and October 13, 2004, the employee shall be entitled to:
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Calculation of Severance Allowance Monies. (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the basis of one
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Calculation of Severance Allowance Monies. (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the ba- sis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two (2) years as calculated in the following example: If an employee has fifteen (15) years’ service and weeks days X into sixteenth (16th) year, shall be entitled to: Fourteen (14) years’ service Fifteenth (15th) year hours additional or days Length of service for part-time employees shall be calcu- lated as follows:
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Calculation of Severance Allowance Monies 
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Related to Calculation of Severance Allowance Monies

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • Severance Allowance A laid-off employee shall be entitled to severance allowance pursuant to Article 55.

  • Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.

  • Employer Compensation Upon Separation An Employee, upon their separation from employment, shall compensate the Employer for vacation which was taken but to which they were not entitled.

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