TECHNOLOGICAL CHANGE AND SEVERANCE PAY. Employees who lose their job due to plant closure or technological change shall be entitled to severance pay in accordance with the following: One (1) to five (5) years Five (5) to ten (10) years Ten (10) to fifteen (15) years Fifteen ( I5) to twenty (20) years Twenty (20) to twenty-five (25) years Over twenty-five (25) years four (4) weeks pay six (6) weeks pay eight (8) weeks pay ten (10) weeks pay twelve (12) weeks pay fourteen (14) weeks pay Any employee accepting severance shall forfeit all rights and privileges in this Agreement and shall be deemed to have quit the employ of the Company.
Appears in 1 contract
Samples: Collective Agreement
