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SEVERANCE PAY
Section 1. An employee who has been employed for a
continuous period of at least twelve (12) months and who is involuntarily
separated from employment for reasons other than misconduct, delinquency, or
inefficiency and who is not eligible for an immediate annuity shall receive
severance pay.
Section 2. The amount of severance pay shall be one (1) week's salary
for each year of the first ten (10) years of service and two (2) week's salary
for each year of service after ten (10) years.
Section 3. Upon separation, the Employer shall pay the employee
severance pay at bi-weekly intervals in an amount equal to his/her basic
salary.
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