Technological Severance Pay Sample Clauses

Technological Severance Pay. Employees who are laid off as a result of technological change shall be compensated by receiving a technological severance allowance at the rate of one (1) week's pay per year of service, or be placed on a rehire list. Those choosing to be placed on a rehire list may, at any time, apply for their severance pay, and, in any event, if they are not rehired at the end of their retained seniority as provided in Article 15.02, will receive that pay. Those receiving technological severance pay shall forfeit their rehire rights.