RETIREMENT PHASE IN. An employee may request to work up to half time subject to approval by the Company. Entitlement to this provision shall be dependent on the following age and service formula:
RETIREMENT PHASE IN. (i) An employee may request to work up to half time subject to approval by the Company. Entitlement to this provision shall be dependent on the following age and service formula: Service: 15 years Age: 50 years The minimum period shall be one year. The work/leave of absence arrangement shall be as mutually agreed between the employee and the Company. The intent of this clause is for retirement phase in, not alternate employment. It is understood, subject to seniority and where operationally feasible, an employee will maintain his position/vessel.
(ii) Such employee shall only accrue further seniority and service for actual days worked and corresponding leave.
(iii) Pension contributions shall be maintained as per Article 1.13(4).
(iv) The applicable Benefit Plan premiums shall be paid by the Company and the employee on a 50-50 basis each month and will continue to be paid until this half time arrangement is ended.
(v) Weekly Indemnity and Long Term Disability Benefits will be paid at the rate of 50% of the applicable benefit entitlement and the other benefits at the full entitlement.
(vi) Weekly Indemnity top up with red days as under Article 1.13(a)(iii) shall be pro-rated both in time and money. Top up will not be available during the leave of absence period.
(vii) The employee will only be entitled to Statutory Holiday compensation which coincides with his being on the Company payroll, ie. on a sea day, work by or a lay day.
(viii) Annual vacation day’s accrual shall be fifty percent (50%) of the employee’s normal vacation days entitlement from commencement of this half time arrangement.
(ix) At the time the employee commences his leave of absence period all accrued monies including leave will be paid out.
(x) This Article 1.29 may be reviewed and amended by mutual agreement between the Union and the Company
RETIREMENT PHASE IN. Amend to read as follows: An employee may request to work up to half time subject to approval by the Company. Entitlement to this provision shall be dependent on the following age and service formula: Service: years Age: years The minimum period shall be one year. The of absence arrangement shall be as mutually agreed between the employee and the Company. The intent of this clause is for retirement phase in, not alternate employment. Such employee shall only accrue further seniority and service for actual days worked and corresponding leave. Pension contributions shall be maintained as per Article The applicable Benefit Plan premiums shall be paid by the Company and the employee on a basis each month and will continue to be paid until this half time arrangement is ended. Weekly Indemnity and Long Term Disability Benefits will be paid at the rate of of the applicable benefit entitlement and the other benefits at the full entitlement.
RETIREMENT PHASE IN. It is agreed and understood that the provisions of the Collective Agreement shall apply to those employees who elect to participate in this retirement phase-in program, except as modified by the following:
