Voluntary separation benefit Clause Samples

Voluntary separation benefit. (a) The amount paid for voluntary separation will consist of the following components: (i) a lump sum of twelve weeks pay (ii) severance pay at the rate of three weeks pay for each completed year of service for the first ten years of service (iii) severance pay at the rate of two weeks pay for each completed year of service thereafter (iv) the total amount of payment under (i), (ii) and (iii) above shall not in total exceed payment equivalent to 78 weeks pay (v) entitlements in the form of accrued annual leave and long service leave. ‟Pay„ as referred to above in this sub-clause will be the staff member‟s ordinary rate of pay as defined in Clause 3 [Definitions]. (b) The final date of employment will be determined by the ▇▇▇▇ or Director in consultation with the staff member. (c) All payments under sub-clause 56.5.1(a) will be calculated on the basis of the pay applicable to the staff member‟s average proportion of full-time employment over his/her last five years of service or his/her proportion of full-time employment at the date of cessation of employment, whichever is the greater. (d) The benefits under 56.5.1(a) are in lieu of any notice period, access to a scheme of redeployment or other redundancy benefit.