SEVERANCE ENTITLEMENT PERIOD Clause Samples
The Severance Entitlement Period clause defines the length of time during which an employee is entitled to receive severance pay and related benefits following the termination of their employment. Typically, this period is determined by factors such as the employee's length of service, position, or the terms negotiated in their employment contract. For example, an employee might receive salary continuation and benefits for a set number of weeks or months after their employment ends. The core function of this clause is to provide clarity and certainty regarding post-termination compensation, helping both parties understand their rights and obligations in the event of a separation.
SEVERANCE ENTITLEMENT PERIOD. If the designated employee so chooses, the severance pay amount will be paid in equal bi-weekly installments.
(a) During the Severance Entitlement Period, seniority will be maintained but not increased. The designated employee may opt to continue certain benefit coverage (as determined by the Staff Benefits Office) by paying both the employee and the Employer share of benefit costs.
(b) Where severance pay is paid over a Severance Entitlement Period to a designated employee, the designated employee shall be terminated as of the end date of the Severance Entitlement Period, and the employee's employment, seniority, and benefit coverage also shall terminate as of that end date.