Voluntary Early Retirement Incentive. (VERI) In the event of permanent downsizing or permanent job loss the Company will provide employees, who are eligible to retire under the terms of the Revised General Pension Plan, with the opportunity to take advantage of a Voluntary Early Retirement Incentive (VERI) in order to minimize the number of permanent layoffs. The number of VERI’s offered will not be less than the number of anticipated layoffs and shall be offered on a seniority basis:
Voluntary Early Retirement Incentive. Teachers/Administrators who enter into this program shall be considered as independent contractors and shall be required to serve the District for thirty (30) days per year in activities assigned by the Superintendent or his designee, after consultation with the private contractor. Annual compensation will be $8,000. Payment will be made annually in 12 equal installments, beginning in September, for a maximum of 5 consecutive years, except that no payment will be made after the school year in which the employee reaches his/her 65th birthday.
Voluntary Early Retirement Incentive. (VERI) In the event of permanent downsizing or permanent job loss the Company will provide employees, who are eligible to retire under the terms of the Revised General Pension Plan, with the opportunity to take advantage of a Voluntary Early Retirement Incentive (VERI) in order to minimize the number of permanent layoffs. The number of offered will not be less than the number of anticipated layoffs and shall be offered on a seniority basis: Where the permanent reductions are to occur within a production occupation, to all production employees within that area of the Business Unit (i.e. Mines Operations, Mill Operations or Smelter Operations) or; Where the permanent reductions are to occur within a Skilled Trades Occupation, to all employees within this trade across both Business Units. Employees who qualify and are selected according to their seniority will be scheduled for retirement dates over a period not to exceed eight (8) months in order to meet the operating needs of the company. Those employees who actually qualify for the VERI and retire under the terms of the Revised General Pension Plan will be provided with a Voluntary Early Retirement Incentive payment of per year of service with a minimum payment of It is understood that temporary workforce reductions and workforce reductions caused by attrition will not trigger the terms of the Voluntary Early Retirement Incentive. Severance pay Severance pay for an employee shall be calculated based on a factor of per year of service with a minimum payment of and a maximum payment of Severance pay shall include any entitlement of an employee under the Employment Standards Act of Ontario and applicable regulations. An employee, upon receipt of severance pay shall lose his right to recall and shall be presumed to no longer have any seniority with the Company or be deemed to be an employee of the Company. Severance pay will not be paid to any employee who is terminated for just cause, or who leaves the employ of the Company prior to the effective date of his layoff.
Voluntary Early Retirement Incentive. In the event of downsizing or job loss in restructuring, to minimize the number of layoffs, the Company will offer the VERI payment of $1000 per year of service with a minimum payment of $20,000 to long service employees who are eligible for early retirement and who retire under the terms of the OCTW Pension Plan. It is understood that where an employee retires and his job is not posted, this does not result in a job loss and therefore does not qualify the employee for a payment under this letter.
Voluntary Early Retirement Incentive. (VERI) The Company will offer a voluntary early retirement incentive (VERI) within three (3) months of the Date of Ratification to effect a reduction of 25 employees. Employees who are fifty-five (55) years of age or older and who have at least ten
