On Retirement. On termination of employment due to retirement, an employee who has thirteen (13) or more years of continuous employment shall be paid severance pay equal to the product obtained by multiplying their weekly rate of pay on termination of employment by the number of completed years of their continuous employment to a maximum of fifteen (15), less any period in respect of which he/she was granted severance pay.
Appears in 7 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
On Retirement. On termination of employment due to retirement, an employee who has thirteen (13) or more years of continuous employment shall be paid severance pay equal to the product obtained by multiplying their weekly rate of pay on termination of employment by the number of completed years of their continuous employment to a maximum of fifteen (15), less any period in respect of which he/she was granted severance pay.
Appears in 1 contract
Samples: Collective Agreement
On Retirement. On termination of employment due to retirement, an employee who has thirteen (13) or more years of continuous employment shall be paid severance pay equal to the product obtained by multiplying their weekly rate of pay on termination of employment by the number of completed years of their continuous employment to a maximum of fifteen (15), less any period in respect of which he/she was granted severance pay.to
Appears in 1 contract
Samples: Collective Agreement
