If an employer decides to bring forward the end date of an executive’s contract, and that executive has a right of return to the VPS (which is always to the STS7 level), what options do they have?
- The executive may be paid out within the terms of their contract (typically 4 months’ pay); or
- Instead of the payout of their executive contract, they may choose to exercise the right of return. If a suitable STS7 position is not available, they commence redeployment and
- Complete the redeployment period. If they are not successfully redeployed during that period, they can access a targeted separation package (TSP) (calculated at the mid-point of the STS7 level); or
- If the employer offers and the employee accepts to receive payment in lieu of the redeployment period, the redeployment period is ended and they can access a TSP (calculated at the mid point of the STS7 level).
- In all of the cases above, the executive/employee would be eligible for 9 months’ JSE access after they leave the VPS.