Common use of Calculation of Severance Allowance Monies Clause in Contracts

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:

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 '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 hours into herhis/his her sixteenth (16thl6th) year, shehe/he she shall be entitled to: Fourteen (14) years’ ' service - 7 weeks Fifteenth (15th) year - 2½ 2 1/2 days 1000 hours additional 1000 X 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:days

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 1,000 into her/his their sixteenth (16th) year, she/he they shall be entitled to: Fourteen (14) years’ service - 7 weeks Fifteenth (15th) year - 2½ 2 ½ days 1000 1,000 hours additional 1000 1,000 X 2.5 days 1879.2 1,957.5 or 1.33 days Effective the first pay period between September 30, 2004 and October 13, 2004, the employee 1.277 days. (b) Length of service for part-time employees shall be entitled tocalculated as follows: