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golden parachute

an employment contract or agreement guaranteeing a key executive of a company substantial severance pay and other financial benefits in the event of job loss caused by the company's being sold or merged.
Origin of golden parachute
First recorded in 1980-85 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2018.
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British Dictionary definitions for golden parachute

golden parachute

(informal) a clause in the employment contract of a senior executive providing for special benefits if the executive's employment is terminated as a result of a takeover
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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golden parachute in Culture

golden parachute definition

A generous package of benefits offered to an employee as an inducement for early retirement or departure from a company: “Following the merger, many executives decided to leave after the offer of a golden parachute.”

Note: The term golden handshake means essentially the same thing: “The principal accepted the golden handshake in lieu of being demoted to assistant principal.”
Note: Both expressions are from the last quarter of the twentieth century, when such packages were offered frequently.

golden parachute definition

A provision in the contracts of many top executives that guarantees substantial benefits if they lose their positions.

The New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Slang definitions & phrases for golden parachute

golden parachute

noun phrase

Very high sums, benefits, etc, offered for taking early retirement: ''Golden parachutes'' or severance packages are all becoming more common/ A parting golden handshake with GM included a valuable Cadillac franchise ( first form 1980s+, second 1960+)

The Dictionary of American Slang, Fourth Edition by Barbara Ann Kipfer, PhD. and Robert L. Chapman, Ph.D.
Copyright (C) 2007 by HarperCollins Publishers.
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