severance allowance. A regular employee who voluntarily resigns and is later rehired by an Employer covered by this Collective Agreement within one (1) year, shall have portability of length of service for the purposes of the severance allowance provision.

severance allowance means an amount calculated in accordance with section 46;

severance allowance means an amount of money calculated in accordance with section 70;

Examples of severance allowance in a sentence

Any Employee who requests and accepts a Severance Allowance shall permanently terminate employment with the Company.
Employees meeting the conditions outlined below shall, upon request, receive a Severance Allowance as described herein.
Out of Unused Sick Leave Credits‌ Upon retirement or voluntary leave from the workforce as defined in Article 43, Severance Allowance, regular full-time and regular part-time employees shall be paid in cash an amount equivalent to forty percent (40%) of unused sick leave credits calculated at the employee’s rate of pay at retirement.
In lieu of Severance Allowance, at the time an Employee requests such Severance Allowance, the Company may offer such Employee a regular full-time job of equal earnings at the Employee’s Plant or within that Plant’s Region or at the Employee’s option, a Plant in any other Region.
It is also the Employee’s option whether to accept the offer of a job or the Severance Allowance.

More Definitions of severance allowance

severance allowance means the amount of money that an employee whose employment has been terminated on account of severance of employment is entitled to receive under this Act;”

severance allowance means the aggregate gross amount of severance payments determined in accordance with Section 4(a) of this Plan to be paid to an Eligible Officer who is entitled to receive severance benefits under this Plan.

severance allowance means the allowance to which an employee is entitled under section 34;

severance allowance means an amount of money calculated in accordance with

severance allowance means any payment that is:

severance allowance means the allowance provided for in the Severance Allowance Act 8; "Union" means the Organisation of Trade Unions;