8.6 CALCULATION OF SEVERANCE PAYMENTS
|
Completed continuous years of service on Termination |
No. of weeks’ salary |
|
|
Less than 45 years of age |
45 years of age or older |
|
|
Less than 1 |
4 |
5 |
|
1 |
4 |
5 |
|
2 |
7 |
8.75 |
|
3 |
10 |
12.5 |
|
4 |
13 |
16.25 |
|
5 |
15 |
18.75 |
|
6 |
17 |
21.25 |
|
7 |
19 |
23.75 |
|
8 |
21 |
26.25 |
|
9 |
23 |
28.75 |
|
10 |
31.25 |
31.25 |
|
11 |
33.75 |
33.75 |
|
12 |
36.25 |
36.25 |
|
13 |
38.75 |
38.75 |
|
14 |
41.25 |
41.25 |
|
15 |
43.75 |
43.75 |
|
16 |
46.25 |
46.25 |
|
17 |
48.75 |
48.75 |
|
18 |
51.25 |
51.25 |
|
19 or more |
52.18 |
52.18 |
8.6.1 Severance payments will be calculated on the staff member’s substantive salary as at the date of retrenchment.
8.6.2 A fixed-term staff member who is retrenched prior to the expiry of their contract of employment in accordance with its terms, is entitled to the same notice period as a continuing staff member and will be paid a sum equal to their salary for the balance of the term of the contract or receive six (6) months’ salary, whichever is greater.
8.6.3 Staff members who are within two (2) years of their anticipated retirement date for superannuation purposes may apply to take Voluntary Retirement as per clause 8.7.
8.6.4 Subject to 8.5.2, if the University offers acceptable alternative employment for a staff member who is otherwise entitled to severance payment, then that staff member is not entitled to severance payment.
8.6.5 Capping of Notice and Severance Payments
The maximum amount of monies that a continuing staff member may receive from redundancy severance payments and any payment in lieu of part or full notice as may be determined by the University, is capped at seventy-eight (78) weeks’ salary. The maximum amount of monies that a fixed-term staff member may receive from retrenchment is set out at 8.6.2.
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