Common use of Entitlement and Payment Clause in Contracts

Entitlement and Payment. (a) It is agreed and understood that “Service Severance Pay” shall be paid to employees in the service of the Employer 1982 December 31 on the following basis: (i) Employees leaving the service of the Employer, other than on retirement and who have completed ten (10) years of service or more; shall be paid two (2) days pay for each year of service. (ii) Employees retiring from the service of the Employer shall be paid at the rate of five (5) days pay for each year of service with the Employer. (b) To all new employees hired on or after 1983 January 1st, "Service Severance Pay" shall be paid on the following basis: Employees retiring from the service of the Employer who have completed ten (10) years of service shall be paid three (3) days pay for each year of service. (c) At the employee's request, the payment of this allowance shall be: (i) a lump sum payment at the time of termination or retirement, or (ii) held over to the next taxation year, or any other year following termination of employment, or (iii) converted to an individual income averaging annuity payable at normal retirement age, or (iv) rolled over into a registered retirement savings plan (RRSP) established by the employee, or (v) converted into a paid pre-retirement or post-retirement vacation equivalent.

Entitlement and Payment. ‌ (a) It is agreed and understood that “Service Severance Pay” shall be paid to employees in the service of the Employer 1982 December 31 on the following basis: (i) Employees leaving the service of the Employer, other than on retirement and who have completed ten (10) years of service or more; shall be paid two (2) days pay for each year of service. (ii) Employees retiring from the service of the Employer shall be paid at the rate of five (5) days pay for each year of service with the Employer. (b) To all new employees hired on or after 1983 January 1st, "Service Severance Pay" shall be paid on the following basis: Employees retiring from the service of the Employer who have completed ten (10) years of service shall be paid three (3) days pay for each year of service. (c) At the employee's request, the payment of this allowance shall be: (i) a lump sum payment at the time of termination or retirement, or (ii) held over to the next taxation year, or any other year following termination of employment, or (iii) converted to an individual income averaging annuity payable at normal retirement age, or (iv) rolled over into a registered retirement savings plan (RRSP) established by the employee, or (v) converted into a paid pre-retirement or post-retirement vacation equivalent.