Retirement and Severance Gratuity Sample Clauses

Retirement and Severance Gratuity. (See Part A, Appendix A) 20.1 Employees shall have access to the O.M.E.R.S. Pension Plan in accordance with the O.M.E.R.S. Regulations.
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Retirement and Severance Gratuity. Effective July 1, 1984, upon retirement or severance in good standing, employees with less than fifteen (15) years of continuous service with the Division shall be granted a gratuity based on seven and one-half percent (7½%) of the number of earned, unused sick leave days in their account from the commencement of their employment with the Division. Employees having completed fifteen (15) years or more of continuous service with the Division shall be granted a gratuity based on ten percent (10%) of the number of earned unused sick leave days in their account from the commencement of their employment with the Division, or one (1) month’s pay, whichever is the greater. In the event of death of an employee, the above shall be paid to his or her beneficiary. This gratuity is to be paid at the rate of pay which the employee is receiving at the time of retirement or severance. The Retirement and Severance Gratuity applies only to permanent, probationary or temporary employees as of June 25, 2020.
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Retirement and Severance Gratuity. Effective date of signing, upon retirement or severance in good standing, Employees with up to fifteen (15) years of continuous service with the Board shall be granted a gratuity based on seven and one-half (7 ½) percent of the number of earned, unused sick leave days in their account from the commencement of their employment with the Board. Employees having completed fifteen (15) years or more of continuous service with the Board shall be granted a gratuity based on ten (10) percent of the number of earned unused sick leave days in their account from the commencement of their employment with the Board, or one month’s pay, whichever is the greater. In the event of the death of an Employee, the above shall be paid to his or her beneficiary. This gratuity is to be paid at the rate of pay which the Employee is receiving at the time of retirement or severance.
Sample 1
Retirement and Severance Gratuity. Upon retirement or severance in good standing, Employees with up to fifteen (15) years of continuous service with the Board shall be granted a gratuity based on seven and one-half (7 ½) percent of the number of earned, unused sick leave days in their account from the commencement of their employment with the Board. Employees having completed fifteen
Sample 1
Retirement and Severance Gratuity. Upon retirement or severance in good standing, Employees with up to fifteen (15) years of continuous service with the Board shall be granted a gratuity based on seven and one-half (7 ½) percent of the number of earned, unused sick leave days in their account from the commencement of their employment with the Board. Employees having completed fifteen (15) years or more of continuous service with the Board shall be granted a gratuity based on ten (10) percent of the number of earned unused sick leave days in their account from the commencement of their employment with the Board, or one month’s pay, whichever is the greater. In the event of the death of an Employee, the above shall be paid to his or her beneficiary. This gratuity is to be paid at the rate of pay which the Employee is receiving at the time of retirement or severance. This provision shall not apply to employees hired after July 1, 2020.
Sample 1

Related to Retirement and Severance Gratuity

  • Retirement Severance (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.

  • Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.

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