Common use of SEVERANCE PAY PLAN Clause in Contracts

SEVERANCE PAY PLAN. 23.00 The Company shall provide severance pay benefits as follows: An additional 70 hours of pay will be paid for each additional year of service. Once that amount is calculated, an additional ten (10) hours will be added to the total hours. The following shall govern payment of severance pay: If the government institutes a plan that will cause the Company to go out of business, the Company goes out of business, except, however if the Company is sold or is taken over as a going concern, only those employees whose employment is terminated will be entitled to severance pay. Anyone who claims severance under the above terms shall have no further claim against the Company or any right of recall under the provisions of the Collective Agreement. Moreover, the employee will receive the severance outlined in the above table or that required pursuant to the Employment Standards Act.

SEVERANCE PAY PLAN. 23.00 The Company shall provide severance pay benefits as follows: An additional 70 hours of pay will be paid for each additional year of service. Once that amount is calculated, an additional ten (10) hours will be added to the total hours. The following shall govern payment of severance pay: If the government institutes a plan that will cause the Company to go out of business, the Company goes out of business, except, however if the Company is sold or is taken over as a going concern, only those employees whose employment is terminated will be entitled to severance pay. Anyone who claims severance under the above terms shall have no further claim against the Company or any right of recall under the provisions of the Collective Agreement. Moreover, the employee will receive the severance outlined in the above table or that required pursuant to the Employment Standards Act.

SEVERANCE PAY PLAN. 23.00 The Company shall provide severance pay benefits as follows: 14 but less than 15 640 15 but less than 16 710 16 but less than 17 780 An additional 70 hours of pay will be paid for each additional year of service. Once that amount is calculated, an additional ten (10) hours will be added to the total hours. The following shall govern payment of severance pay: If the government institutes a plan that will cause the Company to go out of business, the Company goes out of business, except, however if the Company is sold or is taken over as a going concern, only those employees whose employment is terminated will be entitled to severance pay. Anyone who claims severance under the above terms shall have no further claim against the Company or any right of recall under the provisions of the Collective Agreement. Moreover, the employee will receive the severance outlined in the above table or that required pursuant to the Employment Standards Act.