Severance Pay on Resignation a) Upon resignation, an employee who has five (5) or more years of continuous employment is entitled to be paid by the employer severance pay equal to the product obtained by multiplying the employee’s full-time equivalent of daily rate by
Severance Pay on Resignation. Upon resignation, an employee who has five (5) or more years of continuous employment is entitled to be paid by the employer severance pay equal to the product obtained by multiplying the employee’s full-time equivalent of daily rate by 2.5 by the number of full-time equivalent completed continuous years of employment for service accrued up to June 30, 2018 to a maximum of thirty-five (35) years. The accrual of severance for all employees shall end after June 30, 2018. Employees whose employment commences after June 30, 2018 shall not be entitled to severance pay on resignation. Part-time employment at any time during an employee’s tenure of employment will be pro-rated for the calculation of pay under this Article. Upon resignation if the number of years when added for the purpose of the pay calculation results in a number of completed years and a fraction of another, where that fraction is less than .5 of a year the total number of years will be rounded down, where the fraction is .5 or more the number will be rounded up. It is understood that this rounding does not take place during each year of partial service but takes place only once in calculating the cumulative affect determining severance pay.
Severance Pay on Resignation a) Upon resignation, an employee who has five (5) or more years of continuous employment is entitled to be paid by the employer severance pay equal to the product obtained by multiplying the employee’s full-time equivalent of daily rate by 2.5 by the number of full-time equivalent completed continuous years of employment to a maximum of thirty-five (35) years. Part-time employment at any time during an employee’s tenure of employment will be pro-rated for the calculation of pay under this Article. Upon resignation if the number of years when added for the purpose of the pay calculation results in a number of completed years and a fraction of another, where that fraction is less than .5 of a year the total number of years will be rounded down, where the fraction is .5 or more the number will be rounded up. It is understood that this rounding does not take place during each year of partial service but takes place only once in calculating the cumulative effect determining severance pay.
