Common use of Medical Retirement Payment Clause in Contracts

Medical Retirement Payment. Upon receiving notification that the Secretary has granted concurrence, the employer shall notify the principal that they are medically retired as at the date of the Secretary’s notification. No notice is payable. The principal shall be medically retired and may elect to receive one of the following: Remaining sick leave as a lump-sum payment. The principal will receive the remainder of their sick leave (that is, the outstanding sick leave balance as at the final day of employment) as a lump-sum payment; or A lump sum payment of 13 weeks' salary plus an additional week for each year of service after 25 years' service, up to a maximum of 13 weeks (i.e. the total maximum payment payable under this provision is 26 weeks). Any paid sick leave taken by the principal in the four weeks prior to the application to medically retire shall be subtracted from the payment. Note: Payment will be based on the normal fortnightly salary of the principal at the time of medical retirement. It does not attract any salary increment that may fall due after the date of medical retirement. Holiday pay to the date of medical retirement is payable. The lump sum does not attract holiday pay. The principal is not entitled to change options once the option has been actioned. Disregarded sick leave is not able to be converted to a payment under any of the provisions of medical retirement Note: All payments are subject to normal tax provisions.