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<br />. <br /> <br />. <br /> <br />. <br /> <br />3. <br /> <br />The employee must have worked for the City for at least two (2) <br />consecutive years; and <br /> <br />4. The employee must execute a release of claims. <br /> <br />F or example, if an employee satisfies the above conditions, has accumulated 1000 hours of sick <br />leave and makes $10.00 per hour, the employee will receive severance pay as follows: <br /> <br />1000 hours x 15% = 150 hours <br />Maximum hours eligible for severance pay = 144 hours <br />144 hours x $1O.00/hour = $1,440 severance pay <br /> <br />Any accumulated sick leave in excess of nine hundred sixty (960) hours is not eligible for payment <br />under this policy (960 x 15% = 144). Employees may, however, continue to accumulate sick <br />leave in excess of nine hundred sixty (960) hours as a form of income protection in the event of <br />unexpected long-term illnesses during their employment. <br /> <br />10 <br />