Severance Pay on Retirement. a) On termination of employment, an employee who retires and is eligible for an immediate annuity or immediate allowance as defined under the Public Service Superannuation Act, unless in exceptional circumstances, the employee has been excluded by the provisions of the Act, shall be paid severance pay equal to the product obtained by multiplying five (5) times the equivalent of the full-time daily rate, by the number of full-time completed years of employment to a maximum of thirty-five (35) years, less any period in respect of which the severance pay was granted. Part-time employment of any time during an employee’s tenure of employment will be pro-rated for the calculation of pay under this Article. It is understood that upon retirement the severance pay calculation shall be rounded off as described in Article 28.02.
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Samples: Collective Agreement, Collective Agreement, Collective Agreement
