Common use of Payment for leave on termination of employment Clause in Contracts

Payment for leave on termination of employment. A. In order to encourage employees to accumulate the maximum leave possible, any leave accumulated in the Mid-Del District will be considered as having cash value upon termination of employment according to the following formula: 1. The first ten (10) days or under of accumulated leave will have no cash value. 2. Next, the days of accumulated leave above ten (10) days including twenty (20) days will be computed at 15% of the current daily rate of pay. 3. Next, the days of accumulated leave above twenty (20) and including thirty (30) days will be computed at 30% of the current daily rate of pay. 4. Next, the days of accumulated leave above thirty (30) and including fifty (50) days will be computed at 50% of the current daily rate of pay. 5. Finally, the days of accumulated leave above fifty (50) days and including eighty