Sick Leave Payout. Employees who retire on pension, or who voluntarily terminate their employment with the Employer, or who are permanently laid off from their employment with the Employer shall, upon termination or retirement, be paid any Sick Leave accumulation they may have to their credit. Employees who have a Sick Leave credit balance in excess of twelve (12) days (ninety-six (96) hours) as of December 31, 1983, and on each December 31 thereafter, shall receive a cash payout to a maximum of six (6) unused Sick Leave days (forty-eight (48) hours) provided no employee's Sick Leave bank shall fall below twelve (12) days (ninety-six (96) hours) as a result of a cash payout. Eligible employees shall receive a cash payout prior to January 31 of each year.
Appears in 10 contracts
Samples: Collective Bargaining Agreement, Collective Agreement, Collective Bargaining Agreement
Sick Leave Payout. Employees who retire on pension, pension or who voluntarily terminate their employment with the Employer, or who are permanently laid off from their employment with the Employer shallEmployer, shall upon termination or retirement, retirement be paid any Sick Leave sick leave accumulation they may have to their credit. Employees who have a Sick Leave sick leave credit balance in excess of twelve (12) days (ninety-six (96) hours) ), as of December 31, 1983, and on each December 31 31st thereafter, shall receive a cash payout to a maximum of six (6) unused Sick Leave sick leave days (forty-eight (48) hours) ), provided no employee's Sick Leave sick leave bank shall fall below twelve (12) days (ninety-six (96) hours) ), as a result of a cash payout. Eligible employees shall receive a cash payout prior to January 31 31st of each year.
Appears in 1 contract
Samples: Collective Agreement