Common use of Payment of Retirement Gratuity Clause in Contracts

Payment of Retirement Gratuity. Payment of retirement gratuity shall be made on the following basis: (a) Eligible Employees shall be paid a sum equivalent to the number of sick leave days accumulated to a maximum of two hundred and thirty (230) days multiplied by one half (½) the daily rate of pay in force at the time of cessation of regular employment, but in no event shall the sum exceed one-half the Employees annual salary. For the purpose of calculating Sick Leave Credit gratuity on retirement only, an Employee who retires during the calendar year shall receive, as of the date of retirement, the same number of sick leave credits as would be received had they remained in the Board’s employment until December 31 without further absences (b) The Sick Leave Credit Gratuity on retirement shall be paid in one lump sum either at retirement or on January 15, of the year following retirement at the Employee’s option provided that any claimant for retirement gratuity must have notified the Board by January 1 of the year in which they intend to retire, if payment is required in the year of retirement, otherwise the gratuity will not be payable until January 15th of the following year. (c) If an Employee dies in service, payment of gratuity computed on the same basis as the Sick Leave Credit Gratuity on Retirement shall be made to their beneficiary as legally designated in writing by the Employee. In the absence of such designation, such payment shall be made to the Employee’s estate. (d) The Board shall have the right to withhold payment of the Sick Leave Credit Gratuity on retirement in the case of any Employee who is discharged or caused to resign with just cause. The provisions of this paragraph shall in no way limit the Employee’s right to challenge discharge or resignation.

Payment of Retirement Gratuity. Payment of retirement gratuity shall be made on the following basis: (a) Eligible Employees shall be paid a sum equivalent to the number of sick leave days accumulated to a maximum of two hundred and thirty (230) days multiplied by one half (½) the daily rate of pay in force at the time of cessation of regular employment, but in no event shall the sum exceed one-half the Employees annual salary. For the purpose of calculating Sick Leave Credit gratuity on retirement only, an Employee who retires during the calendar year shall receive, as of the date of retirement, the same number of sick leave credits as would be received had they remained in the Board’s 's employment until December 31 without further absences (b) The Sick Leave Credit Gratuity on retirement shall be paid in one lump sum either at retirement or on January 15, of the year following retirement at the Employee’s 's option provided that any claimant for retirement gratuity must have notified the Board by January 1 of the year in which they intend to retire, if payment is required in the year of retirement, otherwise the gratuity will not be payable until January 15th of the following year. (c) If an Employee dies in service, payment of gratuity computed on the same basis as the Sick Leave Credit Gratuity on Retirement shall be made to their beneficiary as legally designated in writing by the Employee. In the absence of such designation, such payment shall be made to the Employee’s 's estate. (d) The Board shall have the right to withhold payment of the Sick Leave Credit Gratuity on retirement in the case of any Employee who is discharged or caused to resign with just cause. The provisions of this paragraph shall in no way limit the Employee’s 's right to challenge discharge or resignation.