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redundancy payment

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noun

a sum of money given by an employer to an employee who has been made redundant: usually calculated on the basis of the employee's rate of pay and length of service

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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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