How is VSO severance calculated?
Severance is calculated from the employee’s most recent hire date without a break in service. For represented employees, the severance amount will be based on allowable amounts as determined by the appropriate collective bargaining agreement under the layoff provisions or by local agreement. For non-represented employees, consistent with current policy, the VSO-2 entitles the employee to severance pay based on classification. Professional and Support Staff (PSS) appointments will receive severance pay in the amount of one (1) week’s pay (annual base salary divided by 2088 hours X 40 hours) for each full year of service up to a maximum of 16 weeks’ pay. Managers and Senior Professionals will receive severance pay in the amount of one (1) month’s pay (1/12 of annual base salary) for each full year of service up to a maximum of six (6) months’ pay. See the example scenario to walk through a severance calculation for a hypothetical employee. 13. The eligibility guidelines for VSO-2, as cur
