(1) As distinct from leaving allowance, which represents merely the settlement of pension rights.

Investment portfolios related to pension funds and severance schemes.

Whereas, however, the application of the levy to pensions and to temporary termination-of-service allowances should be suspended during the first five years,

which levy should apply to the net salaries, pensions and termination-of-service allowances paid by the Communities;

(a) repayment of the severance grant paid under Article 12, plus compound interest at a rate of 3,5 % per annum.

(32) The rules of severance grant should be amended to take into account Community rules on portability of pension rights.

If a member of the contract staff is appointed an official or temporary servant of the Communities, he shall not receive the grant provided for in Article 109(1).

- severance and termination payments (benefits compensating employees for employment ending before the employee has reached the normal retirement age for that job),

A staff member leaving the Centre before having completed 10 years' service(7) shall be entitled to a leaving allowance (as provided for in the Pension Scheme Rules).

(b) a severance grant proportional to the length of service actually completed, calculated on the basis of one and a half months of final basic salary subject to deduction per year of service;

A staff member leaving the Institute before having completed 10 years' service(7) shall be entitled to a leaving allowance (as provided for in the Pension Scheme Rules).

for staff members with less than 10 years' service, the payment of a leaving allowance, with loss-of-job indemnity for staff members whose contracts have been prematurely terminated, under the conditions set out in Annex I;

Unless they have benefited from Article 11(2) or (3) of Annex VIII to the Staff Regulations, officials in service on 1 May 2004 and who would, for lack of a transfer option under Article 11(1), have been entitled to payment of a severance grant in accordance with the Staff Regulations rules in force before 1 May 2004, shall retain the right to payment of a severance grant calculated in accordance with the rules in force before that date.

On leaving the service, a servant within the meaning of Article 2 shall be entitled to a retirement pension, transfer of the actuarial equivalent or the payment of the severance grant in accordance with Chapter 3 of Title V of, and Annex VIII to, the Staff Regulations.

In these cases the payments made in order to establish or maintain their pension rights under the national pension scheme in application of Articles 42 or 112 of the Conditions of Employment of other servants shall be deducted from the severance grant.

On leaving the service, contract staff shall be entitled to a retirement pension, transfer of the actuarial equivalent or the payment of a severance grant in accordance with Chapter 3 of Title V of, and Annex VIII to, the Staff Regulations.

- severance and termination pay to compensate employees for employment ending before the employee has reached the normal retirement age for that job and redundancy payments (they are included under "Unemployment benefits" (PY090G)),

(a) where he has completed less than one year's service and has not made use of the arrangement laid down in Article 11(2), to payment of a severance grant equal to three times the amounts withheld from his basic salary in respect of his pension contributions, after deduction of any amounts paid under Articles 42 and 112 of the Conditions of Employment of other servants;

By way of derogation from paragraph 1(b), officials under 63 years of age who, since taking up their duties, have, in order to establish or maintain pension rights, paid into a national pension scheme, a private insurance scheme or a pension fund of their choice which satisfies the requirements set out in paragraph 1, and whose service terminates for reasons other than death or invalidity without their qualifying for an immediate or deferred retirement pension, shall be entitled, on leaving the service, to a severance grant equal to the actuarial value of their pension rights acquired during service in the institutions.

TERMINATION BENEFITS

termination benefits;

The additional benefit payable on involuntary termination is a termination benefit.

Such payments are termination benefits.

the termination benefits for each job classification or function;

Severance payments should be excluded.

Termination benefits are employee benefits payable as a result of either:

redundancy payments actually paid to laid-off employees,

Termination benefits are typically lump-sum payments, but sometimes also include:

Article 11, calculated on the basis of the period of service actually completed,

Therefore, an enterprise should recognise termination benefits when, and only when, the enterprise is demonstrably committed to either:

the method for calculating any redundancy payments other than those arising out of national legislation and/or practice.

provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

An enterprise should recognise termination benefits as a liability and an expense when, and only when, the enterprise is demonstrably committed to either:

Termination benefits do not provide an enterprise with future economic benefits and are recognised as an expense immediately.

Termination benefits may result in an expense needing disclosure in order to comply with this requirement.

Where there is uncertainty about the number of employees who will accept an offer of termination benefits, a contingent liability exists.

repayment of the severance grant paid under Article 12, plus compound interest at a rate of 3,5 % per annum.

Where termination benefits fall due more than 12 months after the balance sheet date, they should be discounted.

The rules of severance grant should be amended to take into account Community rules on portability of pension rights.

Where an enterprise recognises termination benefits, the enterprise may also have to account for a curtailment of retirement benefits or other employee benefits (see paragraph 109).

Where required by IAS 24, related party disclosures, an enterprise discloses information about termination benefits for key management personnel.

severance and termination payments (benefits compensating employees for employment ending before the employee has reached the normal retirement age for that job),

Post-employment benefits are employee benefits (other than termination benefits and equity compensation benefits) which are payable after the completion of employment.

a severance grant proportional to the length of service actually completed, calculated on the basis of one and a half months of final basic salary subject to deduction per year of service;

This Standard deals with termination benefits separately from other employee benefits because the event which gives rise to an obligation is the termination rather than employee service.

Where termination benefits fall due more than 12 months after the balance sheet date, they should be discounted using the discount rate specified in paragraph 78.

all gratuities, bonuses, ex gratia payments, 13th month payments, severance payments, lodging, transport, cost-of-living, and family allowances, tips, commission, attendance fees, etc. received by employees, as well as taxes, social security contributions and other amounts payable by employees and withheld at source by the employer.

In the case of an offer made to encourage voluntary redundancy, the measurement of termination benefits should be based on the number of employees expected to accept the offer.

An enterprise is demonstrably committed to a termination when, and only when, the enterprise has a detailed formal plan (with specified minimum contents) for the termination and is without realistic possibility of withdrawal.

The number of employees is defined as those persons who work for an employer and who have a contract of employment and receive compensation in the form of wages, salaries, fees, gratuities, piecework pay or remuneration in kind.