Common use of SEVERANCE PAY ELIGIBILITY & CALCULATION Clause in Contracts

SEVERANCE PAY ELIGIBILITY & CALCULATION. 10.9.1 Severance pay applies where a transfer is not accomplished in accordance with Clause 10.5.1 and the employee has opted to accept severance pay, rather than exercise seniority (bump) or the exercise of seniority (bump) provisions do not apply to the designated employee. In this case, the designated employee shall be paid severance pay, calculated on the employee's salary as of the end date of his/her notice of position discontinuance period.

SEVERANCE PAY ELIGIBILITY & CALCULATION. 10.9.1 Severance pay applies where a transfer is not accomplished in accordance with Clause 10.5.1 and the employee has opted to accept severance pay, rather than exercise seniority (bump) or the exercise of seniority (bump) provisions do not apply to the designated employee. In this case, the designated employee shall be paid severance pay, calculated on the employee's salary as of the end date of his/her the notice of position discontinuance period.