Payment Upon Termination of Employment. On the last day of employment, redundant employees will receive a termination payment based on the following formulas: (a) 4 weeks' pay. (b) a further 4 weeks' pay for each year of service, calculated to completed quarters provided the total payment made pursuant to sub-clauses 7(a) and 7(b) will not exceed 56 weeks' pay. (c) accrued annual leave entitlements in accordance with the applicable NSW Legislation and/or Award, and (d) All payment made pursuant to this clause will be taxed in accordance with the applicable law. The unions may not make any claim on the Company that is based on any change to the taxation treatment of termination payments.
Appears in 4 contracts
Samples: Enterprise Agreement, Enterprise Agreement, Enterprise Agreement
