POSITION ABOLISHMENT. (a) In the event that any position in the bargaining unit is abolished, the University shall provide to the Employee a payment for all vacation benefits accrued and a payment in respect of loss of employment of three (3) weeks of salary for each year of completed service, calculated to the nearest month, to a maximum payment of 52 weeks of salary. A partial month worked shall be counted as a full month for the purposes of determining completed service. For clarification, a week’s salary is calculated based on hours per week x hourly rate. Each month or partial month worked shall be calculated as 1/12. For example, an Employee who has completed 5 years, 4 months and 3 weeks of service shall be paid as follows:
Appears in 6 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
