Severance pay.

[Don Mega]

Have search the forum but could not find an answer sooooo.

• 1 year up to 3 years = 90 days severance pay
• 3 years up to 6 years 180 days severance pay

Etc etc etc.

Now. the severance pay is listed as days, does this mean the payout is 90 working days or is it 3 months salary ?

[Soutpeel]

my interpretation has always been exactly what it says..90 working days

[fletchsmile]

If I remember correctly it also used to say that when doing the calcs it assumes there are 30 days in a month.

So for calculating payments for severance, holidays not taken that need to be paid etc you work off 30 days in a month too.

So 90 days = 3 months as it assumes there are 90 days on 3 months.

So for the "day basis" they use what I would call 30/360 basis or 30/30 basis rather than what I would call 30/actual (day) basis

Cheers

Fletch

Edited March 20, 2015 by fletchsmile