Severance Where Ineligible for Guaranteed Wage Plan. Persons hired as regular employees after March 6, 1988 who have achieved seniority and who are not yet eligible for participation in the Guaranteed Wage Plan will, upon permanent layoff, be eligible to receive an amount of severance pay equal to one (1) week of regular pay for each completed year of service as of the original date of his layoff. Upon receipt of such severance pay, the employee's employment is terminated and his seniority and other rights under this Agreement are cancelled.
