Voluntary Exit Program (VEP Sample Clauses
The Voluntary Exit Program (VEP) clause establishes a framework that allows employees to voluntarily resign from their positions, often in exchange for certain benefits or incentives provided by the employer. Typically, this clause outlines eligibility criteria, the application process, and the types of compensation or support—such as severance pay or career counseling—that departing employees may receive. Its core practical function is to facilitate workforce reductions or organizational restructuring in a manner that is mutually agreeable, minimizing the need for involuntary layoffs and helping to manage transitions smoothly for both the employer and employees.
Voluntary Exit Program (VEP. In the event that a permanent/indefinite staff reduction does occur (for any reason whatsoever), any employee(s) removed from the active payroll who has a minimum of five ( 5) years seniority shall receive a Voluntary Exit Allowance in accordance with the following :
1. Any and all employees so affected shall be given an opportunity to accept a V oluntary Exit package or retain the ir rights to recall in accordance with the terms defined by the Collective Agreement. An employee will only be entitled to choose one of these options.
2. Any employee who accepts a V oluntary Exit package will receive (following the completion of their last day of work) an allowance equivalent to two ( 2) weeks normal gross weekly earnings for each year of service plus a prorated amount of any additional year of employment to a maximum of twenty six ( 26) weeks normal gross weekly earnings.
3. As part of their retraining program, any employee accepting a V oluntary Exit package will, on production of receipts from an approved educational program, also be entitled to reimbursement for tuition fees (in accordance with the Company's tuition refund program) - for a period of twelve ( 12) months following the effective date of their layoff.
Voluntary Exit Program (VEP. In the event that a permanent/indefinite staff reduction does occur (for any reason whatsoever), any employee(s) removed from the active payroll who has a minimum of seven (7) years seniority shall receive a voluntary Exit Allowance in accordance with the following:
(a) Any and all employees so affected shall be given an opportunity to accept a voluntary exit package or retain their rights to recall in accordance with the terms defined by the Collective Agreement. An employee will only be entitled to choose one of these options.
(b) Any employee who accepts a Voluntary Exit package will receive (following the completion of their last day of work) an allowance equivalent to two (2) weeks normal gross weekly earnings for each year of service plus a prorated amount of any additional year of employment to a maximum of twenty six (26) weeks normal gross weekly earnings. Any payments made under this provision are deemed to be inclusive of any statutory payment obligations.
(c) Upon acceptance of the allowances defined herein, the employment relationship between the employee and the Employer shall terminate.