Service Severance Pay. (a) It is agreed and understood that "Service Severance Pay" shall be paid employees of the Employer on the following basis: (1) Employees leaving the service of the Employer, other than on retirement or under the provisions of Section (d) of Article 20, and who have completed eight (8) years of service or more, shall be paid one (1) day's pay for each year of service. (2) Employees retiring from the service of the Employer shall be paid at the rate of three (3) days' pay for each year of service with the Employer. For the purpose of this Article, Service Severance Pay accumulation shall be from date of hire. (b) For the purpose of Service Severance Pay, the following definitions shall apply:
Appears in 5 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
