Terminal Vacation Pay Clause Samples
The Terminal Vacation Pay clause defines the employer's obligation to compensate an employee for any unused, accrued vacation time upon the termination of employment. In practice, this means that when an employee leaves the company—whether through resignation, retirement, or dismissal—they are entitled to receive payment equivalent to the vacation days they have earned but not taken. This clause ensures that employees are fairly compensated for their earned benefits and prevents disputes over unpaid vacation time at the end of employment.
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Terminal Vacation Pay. An eligible employee who separates from University employment or who is granted extended military leave shall be paid for vacation credit accrued through the employee's last day of work. Such terminal vacation shall be paid to the next highest hundredth hour. The effective date of separation shall be the last day of work, except that an employee who is retiring may use vacation up to the effective date of retirement.
Terminal Vacation Pay. The dollar value of an employee’s accrued vacation balance as of the employee’s last day on payroll shall be paid to the employee upon separation of employment at the employee’s base rate of pay at separation.
Terminal Vacation Pay. An employee with regular status separating from the City service who has accrued vacation leave shall be entitled to terminal pay in lieu of such vacation. No leave credit will be earned on terminal leave payments. When separation is caused by death of an employee, payment shall be made to the estate of such employee or, in applicable cases, as provided in the Probate Code of the State.
Terminal Vacation Pay. Upon termination from City service, an employee shall be entitled to pay in lieu for the number of accumulated vacation hours credited to the employee's account to a maximum of 2.5 times their annual accrual under the provisions of this section. All vacation granted upon completion of an employee's last day of work shall be a lump sum payment termed "terminal vacation pay" at the employee's current rate of pay.
Terminal Vacation Pay. Any employee who has accrued vacation leave, who has completed their initial probationary period, and whose employment terminates, shall be compensated for such accrued vacation based on the hourly equivalent of the salary they were receiving at the time of their termination. An employee who terminates while serving a probationary period in a position to which they have been promoted shall receive terminal vacation pay based on the hourly equivalent of the salary they received immediately prior to their promotion, provided they had successfully completed a probationary period in the position from which they were promoted. An employee who has not completed a probationary period in at least one position shall not receive terminal vacation pay.
Terminal Vacation Pay. 1. A librarian who is resigning or otherwise leaving University service and who has been unable to use accumulated vacation time, shall be paid for vacation in an amount equal to the salary which would have been received for the vacation period if the librarian had continued in University service subject to the following restrictions:
a. terminal vacation pay may not exceed forty-eight (48) working days' salary;
b. a librarian who resigns within six (6) months after initial appointment is entitled to terminal vacation pay;
Terminal Vacation Pay. Any nurse who is terminated by the District or voluntarily resigns their position shall be paid his/her straight time rate for all credited hours of unused vacation time to a maximum of 240 hours upon his/her termination. A nurse whose service terminated before six (6) months of continuous employment is not eligible for payment for any accumulated vacation credit.
Terminal Vacation Pay. Upon separation of employment, one hundred percent (100%) of the value of all remaining unused accrued vacation hours shall be converted to the employee’s individual account in the Post-Retirement Healthcare Trust and/or a City-sponsored 457 Plan at the base rate of pay in effect at the time of separation from the City. Allocation amounts to either or both the Post-Retirement Healthcare Trust individual account and 457 Plan will be at the employee’s discretion and subject to Internal Revenue Service regulations. The employee shall be responsible for ensuring their contributions to a 457 Plan do not exceed the maximum allowed per law. If the amount of terminal vacation pay the employee converts to a 457 Plan causes their 457 contributions to exceed the maximum allowed per the law and those contributions are returned to the City, the City will deposit the amount returned into the employee’s individual account in the Post-Retirement Healthcare Trust. There shall be no cash option available to the employee for the conversion of unused accrued vacation hours at the time of separation. The default will be to convert 100% of the unused vacation hours into the Post-Retirement Healthcare Trust individual account unless the employee designates conversion to the City- sponsored 457 Plan no later than 14 calendar days prior to the employee’s last pay date.
Terminal Vacation Pay. Employees who resign or are discharged shall receive pay for the amount of unused vacation credit they have earned. Payment for unpaid vacation time shall be in the regular payroll period including the last date of employment with the Township or in the next following regular payroll if the payroll has already been processed at the point of notice of resignation or discharge.
Terminal Vacation Pay. Nurses who have been employed for one (1) year or more shall receive terminal vacation pay according to the foregoing schedule if four (4) weeks’ written advance notice of intention to terminate employment is given the Hospital prior to the beginning of the terminal vacation, however, in the case of an emergency or unforeseeable circumstances, the Hospital may waive the four (4) weeks' notice requirement for terminal vacation.