37Retrenchment benefits payable to an employee who is retrenched after completing 10 years’ service

37 Retrenchment benefits payable to an employee who is retrenched after completing 10 years’ service

37 Retrenchment benefits payable to an employee who is retrenched after completing 10 years’ service

s 37, hdg before: Subst 1980 No 50, Sch 3 (1). Rep 1987 No 40, Sch 1 (20).

(1AA) This section does not apply to an employee who is retrenched before having completed 10 years’ service with any one or more employers.

(1) In the case of the retrenchment of an employee who was a contributor at 30 June 1963, the contributor is, subject to section 38B, entitled to either—

(a) a lump sum payment equal to three and one-half times the sum of—

(i) the contributions that the contributor paid to the Fund (but without interest) before 13 January 1952, and

(ii) ten-elevenths of the contributions that the contributor has paid to the Fund (but without interest) on or after 13 January 1952,

in determination of all rights given by this Act (subsection (4) excepted), or

(b) such pension as is determined by STC to be the equivalent of the contributor’s rights in the Fund.

(2) In the case of the retrenchment of an employee who became or becomes a contributor on or after 1 July 1963, the contributor is, subject to section 38B, entitled to either—

(a) a lump sum payment equal to two and one-half times the contributions that the contributor has paid to the Fund (but without interest), in determination of all rights given by this Act (subsection (4) excepted), or

(b) such pension as is determined by STC to be the equivalent of the contributor’s rights in the Fund.

(3) (Repealed)

(4) An employee entitled to—

(a) a lump sum payment under subsection (1) (a) is also entitled to a lump sum payment equal to two and one-half times an amount equal to ten-elevenths of the contributions, or

(b) a lump sum payment under subsection (2) (a) is also entitled to a lump sum payment equal to one and one-half times an amount equal to the contributions,

that would have been payable by the employee under this Act in respect of each of the reduced value units allocated to the employee, had each such reduced value unit been held by the employee as a contributory unit as from the earliest of the times that the employee is deemed by section 47C (6) to have held the reduced value unit.