Common use of SEVERENCE PAY Clause in Contracts

SEVERENCE PAY. Subject to the seniority provisions of this agreement, full time employees who become permanently displaced as a result of the company closing, or as a consequence of a technological change, shall be entitled to severance allowance. The amount of severance allowance to which an employee shall be entitled is as follows: Under 2 years of employment - 5 days 3 years 6 days 4 years 8 days 5 years 10 days over 5 years 2 days wages for each completed year of employment.

SEVERENCE PAY. Subject to the seniority provisions of this agreement, agreement all full time employees who become permanently displaced as a result of the company closing, or as a consequence of a technological change, shall be entitled to severance allowance. The amount of severance allowance to which an employee shall be entitled is as follows: Under 2 years of employment - 5 7 days 3 years 6 8 days 4 years 8 10 days 5 years 10 15 days over 5 years 2 3 days wages for each completed year of employment.

SEVERENCE PAY. Subject to the seniority provisions of this agreement, full time employees who become permanently displaced as a result of the company closing, or as a consequence of a technological change, shall be entitled to a severance allowance. The amount of severance allowance to which an employee shall be entitled is as follows: Under 1 - 2 years of employment - 5 days 3 years 6 days 4 years 8 days 5 years 10 days over 5 years 2 days wages for each completed year of employment.