Special Severance Pay Clause Samples
Special Severance Pay. Employees who are indefinitely laid off after January 1, 1994, are eligible for severance payments in accordance with this Section, on or after October 1, 1995. The provisions of this Subsection will not apply to Department of Community Health employees entitled to severance pay under this Section and severance payments to those employees not paid from this fund. Cumulative payments shall not exceed $500,000 during the term of this agreement and shall not be payable after September 30, 2014.
Special Severance Pay. Employees who are indefinitely laid off after January 1, 1994, are eligible for severance payments in accordance with this Section, on or after October 1, 1995. The provisions of this Subsection will not apply to Department of Health and Human Services, hospitals and centers, employees entitled to severance pay under this Section and severance payments to those employees not paid from this fund. Cumulative payments shall not exceed $500,000 during the term of this agreement and shall not be payable after September 30, 2014. Hours Years Weeks Pay 2088-4176 1 1 4177-6264 2 2 6265-8352 3 3 8353-10440 4 4 10441-12528 5 5 12529-14616 6 7 14617-16704 7 9 16705-18792 8 11 18793-20880 9 13 20881-22968 10 15 22969-25056 11 18 25057-27144 12 21 27145-29232 13 24 29233-31320 14 27 31321-33408 15 30 33409-35496 16 33 35497-37584 17 36 37585-39672 18 39 39673-41760 19 42 41761-43848 20 45 43849-45936 21 48 45937-48024 22 51 48025-50112 23 52 50113-52200 24 52 52201-54288 25 52 etc. EXAMPLE OF SEVERANCE PAY FOR LESS THAN FULL TIME EMPLOYEE Average number of hours worked in previous calendar year: 1980 Full time employee hours: 2088 Proportion (or percentage) 1980 = 94.8% 2088 .948 x $S.P. = $Gross Amount to be paid S.P. = Severance Payment from schedule
Special Severance Pay. Base Pay, Target Bonus and Benefits provided by the Company to an Eligible Employee, pursuant to the Executive Severance Pay Policy, who is separated under conditions consistent with this policy, e.g. during the 24 months following the consummation of the Merger, in order to help alleviate the financial hardship of unemployment.
Special Severance Pay. Employee shall be entitled to the sum of:
(1) an amount (discounted to present value on the basis of a rate of 7.5% per annum) equal to the product of his/her monthly base salary in effect at termination, multiplied by thirty-six (36) months, reduced by the number of whole months, if any, in which the Key Employee was employed by the Company in excess of twelve (12) months following a Change-in-Control; plus
(2) an amount (discounted to present value on the basis of a rate of 7.5% per annum) equal to the sum of the total award of any annual incentive compensation or bonus payment made to the Key Employee in respect of his performance for the calendar year next preceding the Change-in-Control plus any other performance bonuses due to the Key Employee.