Voluntary Severance Package Sample Clauses
A Voluntary Severance Package clause outlines the terms under which employees may choose to leave a company in exchange for specific financial and non-financial benefits. Typically, this clause details eligibility criteria, the calculation of severance pay, continuation of benefits, and any conditions such as waiving future claims against the employer. Its core function is to provide a structured and mutually agreeable way for organizations to reduce their workforce while offering departing employees compensation and support, thereby minimizing potential disputes and facilitating smoother transitions.
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Voluntary Severance Package. (A) In the event one or more regular full-time employee's position is eliminated as a result of a change in the method of operations within an operating unit, the affected employees may elect a Voluntary Severance Package. Temporary, seasonal or part-time employees are not eligible.
(B) The Voluntary Severance Package is subject to: The City reserves the right to determine the operating unit, the methods of operations, the number of employees and the time period during which employees may elect a Voluntary Severance Package. All elections shall be voluntary and acceptance by the City shall be in order of seniority within the affected operating unit and job classifications. In no instance shall the number of employee elections accepted exceed the number of positions reduced as determined by the City within the operating unit. An employee who elects the Voluntary Severance Package, shall not be entitled to any of the other provisions in this Article 9, "Layoff and Recall" or the provisions in Article 6, "Grievance Procedure and Arbitration" of the Collective Bargaining Agreement between the City of ▇▇▇▇▇▇▇▇ and International Brotherhood of Electrical Workers Local 196. Employee shall have five working days to submit a request for a Voluntary Severance Package from the date the employee is notified of eligibility. The request for the Voluntary Severance Package shall be received by the City no later than six days after the employee has been notified of eligibility. Execution of a Voluntary Severance Package Agreement by the employee and the City Manager or his designee.
(C) The Voluntary Severance Package shall consist of the following:
1. Payment of all earned and accrued hourly, holiday and vacation pay through the final date of employment.
Voluntary Severance Package. 1 Aims If
1.1 the government wants to correct the size of the public service and create scope for redeploying supernumerary personnel,
1.2 an employee volunteers to terminate her or his services, and
1.3 the national interest does not require her or his continued employment in the public service, the employer shall pay the employee a voluntary severance package (VSP).
Voluntary Severance Package. 11.5.1 If the Board decides to reduce the academic salary budget in accordance with this Article, and after the Board has received the recommendations of Senate so as to permit the identification of affected programs, departments or the Faculty, the Board shall inform members of the affected program, department, or the Faculty of the existence of any Voluntary Severance Plan ("VSP").
11.5.2 Members shall have one month from the date of being informed of a voluntary severance plan to indicate in writing their intention to participate in the plan.
11.5.3 Within ten (10) days of receiving the written notice referred to above, the President shall make a determination as to whether the Member's voluntary separation will result in savings to the academic salary budget. The President will notify the Member in writing as to his/her determination and shall send a copy to the Association.
11.5.4 If the President determines that a Member's voluntary separation will result in savings to the academic salary budget and it appears that the Member cannot otherwise be redeployed in a fashion which will lead to greater financial or academic benefits for the University, the Member who applied for voluntary separation under this Article shall receive the notice period and the severance settlement equal to the amount of severance and notice that Member would receive if that Member had been discontinued in accordance with this Article.
11.5.5 All savings to the academic salary budget which result from the VSP shall be applied to the total savings required from the academic salary budget as identified by the Board.
11.5.6 Any Member over the age of 55 who is a member of an affected program or department shall, under the provisions of this Article, have the right to take advantage of any early retirement incentives in effect at the time of the declaration of financial exigency.