Vacation Pay on Retirement. On retirement, an employee with a minimum of ten (10) year’s seniority shall be entitled to earned vacation credits up to the point of retirement, plus paid vacation credits in accordance with Article 20. 01. Upon written notice of retirement, an employee shall specify one of the following options for their additional year of paid vacation; (1) A single payment to be paid on the last day of active employment. (2) Salary continuance for the specified vacation period. An employee selecting this option shall continue to be entitled to benefits in accordance with Article 25.01 but shall not accrue any further sick, statutory holiday or vacation credits. The effective date of this provision is as of the date of ratification and any employee currently eligible for this benefit under the expiring collective agreement shall continue to be entitled to those benefits.
Appears in 6 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
