Calculation of Severance Pay. Severance pay shall be calculated at a rate of one month’s pay at the employee’s current rate of pay for each full year of working service. Partial years of employment shall be prorated for this calculation. Regardless of years of working service, the maximum amount payable by way of severance shall be limited to twelve (12) months pay and payable to the employee on the last day of their notice period. (See Article 17.7.8)
Appears in 5 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
