Common use of Severance Pay Options Clause in Contracts

Severance Pay Options. An employee at his option may elect to: a) Take a lump sum payment equivalent to the full amount of his severance pay entitlement. b) Take his severance pay entitlement in bi-weekly instalments. c) Defer payment of his severance pay entitlement until any time during his lay- off and recall period or until his lay-off and recall period expires.

Severance Pay Options. An employee at his option may elect to: a) Take a lump sum payment equivalent to the full amount of his severance pay entitlement. b) Take his severance pay entitlement in bi-weekly instalments. c) Defer payment of his severance pay entitlement until any time during his lay- lay-off and recall period or until his lay-off and recall period expires.

Severance Pay Options. ‌ An employee at his their option may elect to: a) Take a lump sum payment equivalent to the full amount of his their severance pay entitlement. b) Take his their severance pay entitlement in bi-weekly instalments. c) Defer payment of his their severance pay entitlement until any time during his lay- their lay-off and recall period or until his their lay-off and recall period expires.

Severance Pay Options. An employee at his option may elect to: a) Take a lump sum payment equivalent to the full amount of his severance pay entitlement. b) Take his severance pay entitlement in bi-weekly instalments. c) Defer payment of his severance pay entitlement until any time during his lay- off and recall period or until his lay-off and recall period expires.