Common use of Computation of Severance Pay Clause in Contracts

Computation of Severance Pay. (i) An employee with one or more but less than fifteen years of continuous service will, in accordance with the provisions set forth above, be eligible for Severance Pay computed on the basis of one and 1/2 week’s pay for each of the employee’s full years of continuous service plus 3/8 of a week’s pay for each additional 3 months of continuous service at the time of termination; provided that the amount of the Severance Pay benefit as computed under this paragraph shall be subject to a minimum benefit equal to 4 weeks’ pay.

Computation of Severance Pay. (i) An employee with one or more but less than fifteen years of continuous service will, in accordance with the provisions set forth above, be eligible for Severance Pay computed on the basis of one and 1/2 week’s weeks’ pay for each of the employee’s full years of continuous service plus 3/8 of a week’s pay for each additional 3 months of continuous service at the time of termination; provided that the amount of the Severance Pay benefit as computed under this paragraph shall be subject to a minimum benefit equal to 4 weeks’ pay.

Computation of Severance Pay. (i) An employee with one or more but less than fifteen years of continuous service will, in accordance with the provisions set forth above, be eligible for Severance Pay computed on the basis of one and 1/2 ½ week’s pay for each of the employee’s full years of continuous service plus 3/8 of a week’s pay for each additional 3 months of continuous service at the time of termination; provided that the amount of the Severance Pay benefit as computed under this paragraph shall be subject to a minimum benefit equal to 4 weeks’ pay.

Computation of Severance Pay. (i) An employee with one two or more but less than fifteen years of continuous service will, in accordance with the provisions hereinafter set forth above, be eligible for forth; have available Severance Pay computed on the basis of one and 1/2 (1) week’s pay for each of the employee’s full years of continuous service plus 3/8 with a minimum of a two week’s pay for each additional 3 months employees with two or more years of continuous service at the time of termination; provided that the amount of the Severance Pay benefit as computed under this paragraph shall be subject to a service, minimum benefit equal to 4 weeks’ pay$2400.