Common use of Severance Pay on Retirement Clause in Contracts

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. b) The periods for which severance pay is payable under this clause shall not include periods of employment terminated by rejection on probation or dismissal for cause, and shall not include periods of employment separated by more than five (5) years during which the employee was not employed with the employer. Notwithstanding the foregoing, and for greater clarity, this benefit does not apply to periods of employment as a temporary employee outside the bargaining unit, unless that service is continuous and contiguous with subsequent service in the bargaining unit.

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 for service accrued up to June 30, 2018 to a maximum of thirty-five (35) years, less any period in respect of which the severance pay was granted. 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 retirement. 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. b) The periods for which severance Severance pay is shall not be payable under this clause shall not include periods of in the event an employee’s employment is terminated by rejection on probation during their probationary period, or dismissal otherwise for cause, and shall not include periods of employment separated by more than five (5) years during which the employee was not employed with the employer. Notwithstanding the foregoing, and for greater clarity, this benefit does not apply to periods of employment as a temporary employee outside the bargaining unit, unless that service is continuous and contiguous with subsequent service in the bargaining unit.

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. b) The periods for which severance pay is payable under this clause shall not include periods of employment terminated by rejection on probation or dismissal for cause, and shall not include periods of employment separated by more than five (5) years during which the employee was not employed with the employer. Notwithstanding the foregoing, and for greater clarity, this benefit does not apply to periods of employment as a temporary employee outside the bargaining unit, unless that service is continuous and contiguous with subsequent service in the bargaining unit.Notwithstanding