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.

Origin of severance pay

1
First recorded in 1940–45

Words Nearby severance pay

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2024

How to use severance pay in a sentence

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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