Common use of RETRENCHMENT PAY Clause in Contracts

RETRENCHMENT PAY. (1) A staff member whose employment is terminated by the Company on the grounds of redundancy shall be eligible to receive retrenchment pay at the rate of one month’s last drawn basic salary for each completed year of continuous service with the Company, and proportionately for any completed month, up to a maximum of 25 years’ service subject to the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (2) Notwithstanding the above, for a staff member with 2 years or less to his retirement age, the retrenchment pay shall be in accordance with sub-clause (1) above except that the length of service shall be up to a maximum of 25 years, and be discounted by 50%, and the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (3) Retrenchment pay shall be paid in addition to salary in lieu of notice where the Company does not require the staff member to work out the period of notice. (4) Following each retrenchment exercise, a training grant shall be made to the Union. (5) The provisions of sub-clauses (1) and (2) of this clause shall only be applicable to a staff member who has at least three years’ continuous service with the Company as on the date of termination of his employment. Any staff member who is offered alternative employment compatible with his qualifications, experience and salary by the Company but who refuses such alternative employment shall not be eligible for retrenchment pay.

RETRENCHMENT PAY. (1) A staff member whose employment is terminated by the Company on the grounds of redundancy shall be eligible to receive retrenchment pay at the rate of one month’s last drawn basic salary for each completed year of continuous service with the Company, and proportionately for any completed month, up to a maximum of 25 years’ service subject to the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (2) Notwithstanding the above, for a staff member with 2 years or less to his retirement age, the retrenchment pay shall be in accordance with sub-clause (1) above except that the length of service shall be up to a maximum of 25 years, and be discounted by 50%, and the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (3) Retrenchment pay shall be paid in addition to salary in lieu of notice where the Company does not require the staff member to work out the period of notice. (4) Following each retrenchment exercise, a training grant shall be made to the Union. (5) The provisions of sub-clauses (1) and (2) of this clause shall only be applicable to a staff member who has at least three two years’ continuous service with the Company as on the date of termination of his employment. Any staff member who is offered alternative employment compatible with his qualifications, experience and salary by the Company but who refuses such alternative employment shall not be eligible for retrenchment pay.

RETRENCHMENT PAY. (1) A staff member whose employment is terminated by the Company on the grounds of redundancy shall be eligible to receive retrenchment pay at the rate of one month’s 's last drawn basic salary for each completed year of continuous service with the Company, and proportionately for any completed month, up to a maximum of 25 years’ service subject to the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (2) Notwithstanding the above, for a staff member with 2 years or less to his retirement age, the retrenchment pay shall be in accordance with sub-clause (1) above except that the length of service shall be up to a maximum of 25 years, and be discounted by 50%, and the payment shall not exceeding exceed the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (3) Retrenchment pay shall be paid in addition to salary in lieu of notice where the Company does not require the staff member to work out the period of notice. (4) Following each retrenchment exercise, the Company shall make a training grant shall be made to the Union. (5) The provisions of sub-clauses (1) and (2) of this clause shall only be applicable to a staff member who has at least three years’ ' continuous service with the Company as on the date of termination of his employment. Any staff member who is offered alternative employment compatible with his qualifications, experience and salary by the Company but who refuses such alternative employment shall not be eligible for retrenchment pay. (6) For the purpose of this clause, basic salary includes salary paid on a personal-to-holder basis, if any, as defined in sub-clause (5) of clause 18 in Part IV of this Agreement, and the Monthly Variable Component (MVC).

RETRENCHMENT PAY. (1) A staff member whose employment is terminated by the Company on the grounds of redundancy shall be eligible to receive retrenchment pay at the rate of one month’s last drawn basic salary for each completed year of continuous service with the Company, and proportionately for any completed month, up to a maximum of 25 years’ service subject to the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (2) Notwithstanding the above, for a staff member with 2 years or less to his stipulated retirement age, the retrenchment pay shall be in accordance with sub-clause (1) above except that the length of service shall be up to a maximum of 25 years, and be discounted by 50%, and the payment not exceeding the remaining number of month’s basic salary the staff member would receive had he remained employed up to his retirement age. (3) Retrenchment pay shall be paid in addition to salary in lieu of notice where the Company does not require the staff member to work out the period of notice. (4) Following each retrenchment exercise, the Company shall make a training grant shall be made to the Union. (5) The provisions of sub-clauses (1) and (2) of this clause shall only be applicable to a staff member who has at least three years’ continuous service with the Company as on the date of termination of his employment. Any staff member who is offered alternative employment compatible with his qualifications, experience and salary by the Company but who refuses such alternative employment shall not be eligible for retrenchment pay.