Common use of Method of Payment of Severance Clause in Contracts

Method of Payment of Severance. An employee may elect to receive their severance payment as a lump sum, or as enhanced early retirement if eligible, or MPI and the employee may agree on another method of payment, such as those below: • A payment staggered over an agreed defined period. For example, 50% immediately, 25% after 6 months and 25% after a further six months. The employee will remain eligible for MPI vacancies as a preferred applicant until the final payment has been made. Payments and entitlements cease as soon as the employee has been placed in MPI, or the employee turns down a suitable position offered by MPI or 100% severance has been paid. If re-employed in MPI during this period all service is retained. • Leave with Pay for a period equivalent to the amount of severance. The employee remains eligible for MPI vacancies as a preferred applicant during this period. Leave and entitlements cease when employment is obtained either with MPI or another employer, or if the employee turns down a suitable MPI placement, or when the amount available is used. Secondary employment may be approved. During this period, an employee may choose to receive the balance of severance as a lump sum, and cease all entitlements. • Leave Without Pay for an agreed and defined period. The employee remains eligible for MPI vacancies as a preferred applicant during this period. If a suitable position has not been found by MPI, or with another employer by the end of the period, lump sum severance, or enhanced early retirement will be paid. The amount will be calculated at the rate applying at the beginning of the LWOP.

Method of Payment of Severance. An employee may elect to receive their severance payment as a lump sum, or as enhanced early retirement if eligible, or MPI and the employee may agree on another method of payment, such as those below: •  A payment staggered over an agreed defined period. For example, 50% immediately, 25% after 6 months and 25% after a further six months. The employee will remain eligible for MPI vacancies as a preferred applicant until the final payment has been made. Payments and entitlements cease as soon as the employee has been placed in MPI, or the employee turns down a suitable position offered by MPI or 100% severance has been paid. If re-employed in MPI during this period all service is retained. •  Leave with Pay for a period equivalent to the amount of severance. The employee remains eligible for MPI vacancies as a preferred applicant during this period. Leave and entitlements cease when employment is obtained either with MPI or another employer, or if the employee turns down a suitable MPI placement, or when the amount available is used. Secondary employment may be approved. During this period, an employee may choose to receive the balance of severance as a lump sum, and cease all entitlements. •  Leave Without Pay for an agreed and defined period. The employee remains eligible for MPI vacancies as a preferred applicant during this period. If a suitable position has not been found by MPI, or with another employer by the end of the period, lump sum severance, or enhanced early retirement will be paid. The amount will be calculated at the rate applying at the beginning of the LWOP.

Method of Payment of Severance. ‌ An employee may elect to receive their severance payment as a lump sum, or as enhanced early retirement if eligible, or MPI and the employee may agree on another method of payment, such as those below: • A payment staggered over an agreed defined period. For example, 50% immediately, 25% after 6 months and 25% after a further six months. The employee will remain eligible for MPI vacancies as a preferred applicant until the final payment has been made. Payments and entitlements cease as soon as the employee has been placed in MPI, or the employee turns down a suitable position offered by MPI or 100% severance has been paid. If re-employed in MPI during this period all service is retained. • Leave with Pay for a period equivalent to the amount of severance. The employee remains eligible for MPI vacancies as a preferred applicant during this period. Leave and entitlements cease when employment is obtained either with MPI or another employer, or if the employee turns down a suitable MPI placement, or when the amount available is used. Secondary employment may be approved. During this period, an employee may choose to receive the balance of severance as a lump sum, sum and cease all entitlements. • Leave Without Pay for an agreed and defined period. The employee remains eligible for MPI vacancies as a preferred applicant during this period. If a suitable position has not been found by MPI, or with another employer by the end of the period, lump sum severance, or enhanced early retirement will be paid. The amount will be calculated at the rate applying at the beginning of the LWOP.