redundancy payment

British  

noun

1. 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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Example Sentences

Normally, workers could claim a redundancy payment, but the government argued they were not entitled and said jobs were protected as they had been transferred to the new owner.

From BBC

Former staff, however, are likely to be paid a single sum through the government's Redundancy Payment Service.

From BBC

She said it was clear Ms Donelan valued public money because she once turned down a redundancy payment after serving as education secretary for 36 hours.

From BBC

When the subject was raised in the House of Commons, Leader of the House Ms Mordaunt noted that in July 2022 Ms Donelan had been entitled to "a redundancy payment of £16,000 for having been a secretary of state".

From BBC

However, Ms Dhillon used her redundancy payment to develop an events business she had been running as a side-hustle, Ricco Events, which she then adapted into a digital marketing agency after lockdown restrictions.

From BBC