Severance Pay Calculation Clause Samples
The severance pay calculation clause defines how an employee's severance compensation is determined upon termination of employment. Typically, this clause outlines the formula or method used to calculate the amount, such as basing it on the employee's length of service, final salary, or a combination of both. By specifying these details, the clause ensures both parties understand the financial terms in the event of separation, thereby reducing disputes and providing clarity regarding post-employment entitlements.
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Severance Pay Calculation. (a) If severance is payable under Clause 41.1 then it shall be based on the employee's highest monthly salary and shall be calculated as follows:
(b) Severance pay for part-time and sessional employees will be payable on a pro rata basis with the total hours worked prorated over the length of service to calculate the average number of hours worked each day to determine the daily rate.
Severance Pay Calculation. The parties agree that for the purpose of calculating the pay out of severance benefits the following shall apply; for employees hired prior to March 31, 2001 a year is equivalent to a total of 1330 hours. for employees hired after March 31, 2001 a year is equivalent to a total of 1820 hours. “District Boundaries” refers to district boundaries as they existed prior to September 1, 2013. All employees affected by this agreement shall continue to accrue seniority and exercise seniority rights as per the collective agreement as if the district boundaries of the previous Boards remained in effect, with the following exceptions:
Severance Pay Calculation. Severance pay shall be calculated multiplying the administrator's daily rate of pay at the time of resignation times the appropriate number of days. Severance pay shall be deposited in the Special Pay Deferral Plan Health Reimbursement Arrangement as described in Section 1, Subd. 4.
Severance Pay Calculation