severance pay


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severance pay

Money paid to an employee upon termination of his or her employment.
References in periodicals archive ?
It states, "An employer may deduct any amounts owed to him by an employee from the latter's severance pay."
He was responding to the question asked by Gaborone North MP, Mr Haskins Nkaigwa, who had asked if there were any plans by government to recognise the Ipelegeng Programme as a job employing 6-12 months contract so that they could benefit from severance pay and gratuity.
"They gavelittlewarning and almost no severance pay to thevast majorityof their store employees, leaving them out in the cold with no paychecks and no lead time to prepare, while executives took massive million dollar bonus checks home, a golden parachute,"Pousaid.
'Workers protested and demanded that the company increase their severance pay. They've only just started protesting and now they have been fired from their jobs."
Article No 139 of Federal Law No 8 of 1980 states that a work shall forfeit all entitlement to severance pay in any of these two cases:
An employee who has completed 1 or more years of continuous service is entitled to severance pay
They pointed out the new franchisees, most of whom will be dismissed factory workers, have no choice but to spend their severance pay on the extra costs.
The VER plan will offer a severance pay equivalent to one month's salary for each completed year of service.
He is eligible for six months of severance pay if commissioners vote to end his employment without cause.
The consulting fee, which is laid out among terms of the former CEO's severance detailed in Securities and Exchange Commission filing on Tuesday, would come on top of $9 million in severance pay the onwer of Bausch & Lomb Inc.
The bank raised severance pay packages for a second time after it asked about 100 equity employees in Tokyo to leave the firm in January.