Common use of Severance Pay Benefit Clause in Contracts

Severance Pay Benefit. The severance benefit will be calculated on the following formula. Ten (10) or more years of service = one third (1/3) of the number of accrued sick leave days not to exceed sixty (60) days times the employee’s per diem rate.

Severance Pay Benefit. The severance benefit will be calculated on the following formula. Ten (10) or more years of service = one third (1/3) of the number of accrued sick leave days not to exceed sixty (60) days times the employee’s per diem rate. The employee’s per diem rate is defined as the daily rate of their teaching contract.