Common use of Payment for Accrued Vacation Time on Termination of Employment Clause in Contracts

Payment for Accrued Vacation Time on Termination of Employment. (a) On termination of employment by retirement or resignation, each eligible employee, other than one whose compensation is fixed by statute, shall be granted a lump sum payment for vacation leave accrued and unused up to and including the last full calendar month of work. The amount paid shall be equal to the employee’s hourly rate, which shall be based upon the employee’s salary at the time of his/her resignation or retirement, times the number of unused vacation hours accrued to his/ her credit at the time of his/her resignation or retirement.

Payment for Accrued Vacation Time on Termination of Employment. (a) On termination of employment by retirement or resignation, each eligible employee, other than one whose compensation is fixed by statute, shall be granted a lump sum payment for vacation leave accrued and unused up to and including the last full calendar month of work. The amount paid shall be equal to the employee’s hourly 's homly rate, which shall be based upon the employee’s 's salary at the time of hisher/her resignation or retirement, times tin1es the number of unused vacation hours homs accrued to his/ her credit at the time of his/her resignation or retirement.

Payment for Accrued Vacation Time on Termination of Employment. (a) On termination of employment by retirement or resignation, each eligible employee, other than one whose compensation is fixed by statute, shall be granted a lump sum payment for vacation leave accrued and unused up to and including the last full calendar month of work. The amount paid shall be equal to the employee’s 's hourly rate, which shall be based upon the employee’s 's salary at the time of hisher/her resignation or retirement, times the number of unused vacation hours accrued to his/ his/her credit at the time of his/her resignation or retirement.