Common use of Cash Out During the Notice Period Clause in Contracts

Cash Out During the Notice Period. Where a reduction in complement is to take place in a classification in a Location, all employees in that classification (or in an equal classification) in that Location may notify the Company of their desire to resign from the Company during the notice period. Upon request by an employee, the Company will provide relevant pension and benefit information to enable him/her to make an informed decision prior to being required to give notice of his/her intention to cash out during the notice period. Written notification by the employee of his/her desire to resign must be given within 7 days of receipt of the notice of termination/layoff. From the total number of eligible employees who indicate that they wish to resign, the Company will accept on a seniority basis a number from the classification (or an equal classification) equal to the number of surplus employees in the classification in that Location. Those employees accepted must resign and will receive: (i) severance pay as per article 11.15; and base pay from the employee's date of resignation to the end of the five (5) month notice period (3 months for those hired on or after September 24, 2002) provided in the notice of termination/layoff. For those employees who resign with the seven (7) day period and whose resignation is accepted the base payment will be five (5) months pay. For those hired on or after September 24, 2002 the base payment will be: For those with up to 5 years service ---one months’ notice For those with 5 years or greater service --- three months notice Where the number of eligible employees who have resigned in the 7 day period is less than the number of surplus employees in a classification in the Location, additional resignations will be accepted on a first come basis from employees in that classification (or in an equal classification) until the freeze period commences or until the resignations from eligible employees equal the number of surplus employees in the classification in the Location. The resignation by the employee must be in writing in order to be accepted by the Company.

Cash Out During the Notice Period. Where a reduction in complement is to take place in a classification in a Locationclassification, all employees in that classification (or in an equal classification) in that Location may notify the Company IESO of their desire to resign from the Company IESO during the notice period. Upon request by an employee, the Company IESO will provide relevant pension and benefit information to enable him/her to make an informed decision prior to being required to give notice of his/her intention to cash out during the notice period. Written notification by the employee of his/her desire to resign must be given within 7 days of receipt of the notice of termination/layoff. From the total number of eligible employees who indicate that they wish to resign, the Company IESO will accept on a seniority basis a number from the classification (or an equal classification) equal to the number of surplus employees in the classification in that Locationclassification. Those employees accepted must resign and will receive: (i) severance pay as per article 11.1511.12; and and (ii) base pay from the employee's date of resignation to the end of the five (5) month notice period (3 months for those hired on or after September 24, 2002) provided in the notice of termination/layoff. For those employees who resign with the seven (7) day period and whose resignation is accepted the base payment will be five (5) months pay. For those hired on or after September 24, 2002 the base payment will be: For those with up to 5 years service ---one months’ notice For those with 5 years or greater service --- three months notice Where the number of eligible employees who have resigned in the 7 day period is less than the number of surplus employees in a classification in the Locationclassification, additional resignations will be accepted on a first come basis from employees in that classification (or in an equal classification) until the freeze period commences or until the resignations from eligible employees equal the number of surplus employees in the classification in the Locationclassification. The resignation by the employee must be in writing in order to be accepted by the CompanyIESO.

Cash Out During the Notice Period. 1. Where a reduction in complement is to take place in a classification in a Location, all employees in that classification (or in an equal classification) in that Location may notify the Company of their desire to resign from the Company during the notice period. Upon request by an employee, the Company will provide relevant pension and benefit information to enable him/her to make an informed decision prior to being required to give notice of his/her intention to cash out during the notice period. Written notification by the employee of his/her desire to resign must be given within 7 days of receipt of the notice of termination/layoff. From the total number of eligible employees who indicate that they wish to resign, the Company will accept on a seniority basis a number from the classification (or an equal classification) equal to the number of surplus employees in the classification in that Location. Those employees accepted must resign and will receive: (i) severance pay as per article 11.15Article 11.14; and and, (ii) base pay from the employee's date of resignation to the end of the five two (52) month notice period (3 months for those hired on or after September 24, 2002) provided in the notice of termination/layoff, plus a lump sum payment (in lieu of notice) equal to three (3) months base pay (total = 21 weeks). (For those employees who resign with within the seven (7) day period and whose resignation is accepted accepted, the base payment will be five (5) months pay.) 2. For those hired on or after September 24, 2002 the base payment will be: For those with up to 5 years service ---one months’ notice For those with 5 years or greater service --- three months notice Where the number of eligible employees who have resigned in the 7 day period is less than the number of surplus employees in a classification in the Location, additional resignations will be accepted on a first come basis from employees in that classification (or in an equal classification) until the freeze period commences or until the resignations from eligible employees equal the number of surplus employees in the classification in the Location. The resignation by the employee must be in writing in order to be accepted by the Company. 3. Employees who resign with cash out may not be from the worksite/centres or the actual classification with the surplus and a temporary deployment of employees to other worksite/centres within the location may be required to balance the complement. To achieve this balance between worksite/centres the most senior employee who is prepared to accept the transfer and who is in the classification or an equal classification in which there is an overcomplement, and is at the worksite/centre from which an employee is to be transferred will be selected to the position. In the absence of senior volunteers, the most junior employee in the classification or an equal classification will be transferred to the position.