Termination Allowances Sample Clauses
The 'Termination Allowances' clause defines the compensation or benefits that an employee or party is entitled to receive if their contract is terminated under specified circumstances. Typically, this clause outlines the types and amounts of payments, such as severance pay, accrued benefits, or continuation of certain perks, that will be provided upon termination, and may specify different allowances depending on the reason for termination (e.g., without cause, redundancy). Its core practical function is to provide financial security and clarity for the affected party, while also helping to manage expectations and reduce disputes related to contract termination.
Termination Allowances. SECTION 1. Termination allowances in amounts computed in accordance with Section 3 of this Article will be paid to:
Termination Allowances. Subject to the needs of the business, consideration may be given to allowing such an employee to select a termination date earlier than the COMPANY scheduled date.
Termination Allowances. 1. Active employees and employees on the recall list as of May 31, 2003, who were LAID OFF during the term of the General Agreement dated June 1, 2003, shall be granted a TERMINATION ALLOWANCE in accordance with the following schedule in Paragraph 1.
Termination Allowances. Where the COMPANY deems it appropriate, it may apply any or all of the terms of the Program to employees who may be terminated as the result of major work consolidation or other actions that have a major impact on employees but do not constitute the complete closing of a facility.
Termination Allowances. 12.1 Regular full-time employees whose service is terminated by permanent layoff or retirement without pension shall receive termination pay at their regular basic straight-time hourly rate, excluding differentials, according to the following schedule:
Termination Allowances. All other entitlements and benefits due at the end of the contract under the conditions set out in the Staff Regulations and internal rules shall apply and be payable or reimbursable to the staff member who receives a final and voluntary severance bonus. No severance bonus shall be paid where the contract is terminated, as laid down in Article 36 and 37 of Staff Regulations. The severance bonus shall be incompatible with the compensation referred to in Article 34 paragraphs (5) and (6) of the Staff Regulations.
Termination Allowances