Permanent Lay Off Severance Sample Clauses
The Permanent Lay Off Severance clause defines the compensation and benefits an employee is entitled to receive if their employment is terminated due to a permanent layoff. Typically, this clause outlines the amount of severance pay, continuation of benefits, and any additional support such as outplacement services that the employer will provide. By specifying these terms in advance, the clause ensures financial support for affected employees and provides clarity and predictability for both parties in the event of a workforce reduction.
Permanent Lay Off Severance. In the event of a permanent lay off affected regular employees will be provided with the applicable severance package shown below based on continuous service.
i. One (1) year but less than three (3) years of service – two (2) months;
ii. Three (3) years but less than five (5) years of service – three (3) months;
iii. Five (5) years but less than ten (10) years of service – four and one-half (4 ½) months;
iv. Ten (10) years but less than sixteen (16) years of service – seven (7) months;
v. Sixteen (16) years but less than twenty (20) years of service – ten (10) months;
vi. Twenty (20) years but less than twenty-five (25) years of service – fourteen (14) months
vii. Twenty-five (25) or more years of service – eighteen (18) months.