Common use of Service Recognition and Sick Leave Gratuity Pay Clause in Contracts

Service Recognition and Sick Leave Gratuity Pay. 1. On severance or retirement, an employee whose age and ten (10) years of seniority equals sixty (60) or more, having accrued sick leave to their credit shall receive an amount in lieu thereof equal to such credit to a maximum of eighty (80) days at the rate of pay effective immediately prior to severance or retirement. 2. In the event of the death of an employee, the value of all accrued sick leave shall be paid as calculated in A.1. above to the employee's designated beneficiary or the employee's estate, where a beneficiary has not been designated.

Service Recognition and Sick Leave Gratuity Pay. 1. On severance or retirement, an employee whose age and ten (10) years of seniority equals sixty (60) or more, having accrued sick leave to their his/her credit shall receive an amount in lieu thereof equal to such credit to a maximum of eighty (80) days at the rate of pay effective immediately prior to severance or retirement. 2. In the event of the death of an employee, the value of all accrued sick leave shall be paid as calculated in A.1. above to the employee's designated beneficiary or the employee's estate, where a beneficiary has not been designated.