Common use of Cash Equivalent Clause in Contracts

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment – 1 year • Upon ill health retirement – 5 years. • Upon retirement within ten years of attaining age 65 – 5 years • Upon death – 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee’s dependents (if any) or, if there be no dependent, to the employee’s personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment – - 1 year • Upon ill health retirement – - 5 years. years • Upon retirement within ten 10 years of attaining age 65 – - 5 years • Upon death – - 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee’s dependents 's dependants (if any) or, if there be no dependentdependant, to the employee’s 's personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment – - 1 year • Upon ill health retirement – - 5 years. years • Upon retirement within ten years of attaining age 65 – - 5 years • Upon death – - 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee’s dependents dependants (if any) or, if there be no dependentdependant, to the employee’s personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • Upon retrenchment – 1 year • Upon ill health retirement – 5 years. • Upon retirement within ten years of attaining age 65 – 5 years • Upon death – 5 years Where an employee Employee dies, the amount which would have been payable to that employee Employee had that employee Employee retired or been dismissed on the date on which the employee Employee actually died shall be paid to the employee’s dependents (if any) or, if there be no dependent, to the employeeEmployee’s personal representativeestate.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • o ¨ Upon retrenchment – 1 year • o ¨ Upon ill health retirement – 5 years. • o ¨ Upon retirement within ten years of attaining age 65 – 5 years • o ¨ Upon death – 5 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee’s dependents (if any) or, if there be no dependent, to the employee’s personal representative.

Cash Equivalent. Cash equivalent on ceasing employment normally occurs at or after ten calendar years continuous service. However, payment can be made for lesser periods of continuous service in the following circumstances: • * Upon retrenchment – 1 year • - 7 years * Upon ill health retirement – 5 retirement- 7 years. • * Upon retirement within ten years of attaining age 65 – 5 65-7 years • * Upon death – 5 - 7 years Where an employee dies, the amount which would have been payable to that employee had that employee retired or been dismissed on the date on which the employee actually died shall be paid to the employee’s 's dependents (if any) or, if there be no dependent, to the employee’s 's personal representative.