Common use of Reduction of Severance Pay Amounts Clause in Contracts

Reduction of Severance Pay Amounts. Any severance pay paid to an employee after January 31, 1961 shall correspondingly reduce the total number of weeks of severance pay to which he is thereinafter entitled before again becoming a new employee hereunder. An employee who receives or has received full severance pay hereunder after January 31, 1961 shall be considered to be a new employee thereafter for severance pay purposes.

Reduction of Severance Pay Amounts. Any severance pay paid to an employee after January 31, 1961 hereunder shall correspondingly reduce the total number of weeks of severance pay to which he is thereinafter entitled before again becoming a new employee hereunder. An employee who receives or has received full severance pay hereunder after January 31, 1961 shall be considered to be a new employee thereafter for severance pay purposes.