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severance pay

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noun
  1. money, exclusive of wages, back pay, etc., paid to an employee who has tenure and who is dismissed because of lack of work or other reasons beyond the employee's control.
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Origin of severance pay

First recorded in 1940–45
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for severance pay

severance pay

noun
  1. compensation paid by an organization to an employee who leaves because, through no fault of his own, the job to which he was appointed ceases to exist, as during rationalization, and no comparable job is available to him
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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