Computation of severance pay fund.

CFR · 2024-01-01 · US · Title 5

(a) (1) One week of pay at the rate of basic pay for the position held by the employee at the time of separation for each full year of creditable service through 10 years; (2) Two weeks of pay at the rate of basic pay for the position held by the employee at the time of separation for each full year of creditable service beyond 10 years; and (3) Twenty-five percent of the otherwise applicable amount for each full 3 months of creditable service beyond the final full year. (b) (1) For positions in which the number of hours in the employee's basic work schedule (excluding overtime hours) varies during the year because of part-time work requirements, compute the weekly average of those hours and multiply that average by the hourly rate of basic pay in effect at separation. (2) For positions in which the rate of annual premium pay for standby duty regularly varies throughout the year, compute the average standby duty premium pay percentage and multiply that percentage by the weekly rate of basic pay (as defined in § 550.103) in effect at separation. (3) For prevailing rate positions in which the amount of night shift differential pay under 5 U.S.C. 5343(f) varies from week to week under a regularly recurring cycle of work schedules, determine for each week in the averaging period the value of night shift differential pay expressed as a percentage of each week's scheduled rate of pay (as defined in § 532.401 of this chapter), compute the weekly average percentage, and multiply that

official document · source cfr-2024 · id 5:§ 550.707