Severance Fund definition

Severance Fund means Cash in an amount equal to (a) $7,500,000 less (b) the aggregate amount of all Separation Minimum Claims paid to Vested Former Employees prior to the Effective Date.
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Examples of Severance Fund in a sentence

  • Employees who elect to sacrifice a proportion of their wages to the C+BUS or CONNECT superannuation fund or PROTECT Severance Fund may request that the Company make deductions from gross income.

  • At the request of an Employee (or if the Employee elects, through the Employee’s representative), the Employer will arrange as soon as possible for an authorised representative of Protect to attend the workplace where the Employer’s Employees are engaged for the purposes of explaining to Employees the benefits available to them under the Protect Severance Fund arrangements and to answer any questions that Employees may have about the Protect Severance Fund arrangements.

  • At the request of an employee (or if the employee elects, through the employee’s representative), the Employer will arrange as soon as possible for an authorised representative of Protect to attend the workplace where the Employer’s employees are engaged for the purposes of explaining to employees the benefits available to them under the Protect Severance Fund arrangements and to answer any questions that employees may have about the Protect Severance Fund arrangements.

  • The Employer shall not be obligated to make contributions to the Severance Fund on behalf of such employees.

  • The Employer will pay the fixed rate of 1% of a Casual Employee’s day rate into the elected Severance Fund on behalf of each Casual Employee covered by this Agreement and an additional 1% from 1st March 2026 to a total of 2% over the life of the Agreement.

  • Employees hired in eligible severance classifications through March 25, 2000, shall be eligible for benefits under the Severance Fund.

  • The Enhanced Severance Allowance will be based on the exact same formula and process as the Severance Fund established in the May 2, 2004 Memorandum of Agreement as outlined in the November 26, 2004 agreement letter from the FBA to HEABC.

  • The Employer will pay the equivalent of 1% of a Casual Employee's ordinary earnings into the elected Severance Fund on behalf of each Casual Employee covered by this Agreement in accordance with the Selected Severance Provider’s rules.

  • The Company will contribute an amount equal to 8.33% of the Salary towards severance pay (the "Severance Fund").

  • Employees laid off as a direct result of contracting out or who received layoff notice during the period referenced in the May 2, 2004 Memorandum of Agreement or whose job was eliminated due to contracting out between April 1, 2004 and March 31, 2006 shall be entitled to receive a payment from the balance of the $25 million Severance Fund in accordance with the November 26, 2004 agreement letter from the FBA to HEABC.

Related to Severance Fund

  • Severance Compensation means the compensation set forth in (i), (ii), and (iv) above.

  • Separation Payment means any lump sum cash payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.

  • Severance Pay means any amount that is payable in cash and is identified by a Participating Company as severance pay, or any amount which is payable on account of periods beginning after the last date on which an employee (or former employee) is required to report for work for a Participating Company.

  • Severance Benefits mean the payment of severance compensation as provided in Section 2.3 herein.

  • Severance Benefit shall have the meaning set forth in Section 4.7(a)(i) herein.