severance pay
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
1Words 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
The terms of his resignation afforded him severance pay, a playoff bonus, a championship ring and the opportunity to have a day with the Stanley Cup, upon which his name was engraved.
Former Blackhawks player Kyle Beach reveals himself as ‘John Doe’ after release of damning report | Des Bieler | October 28, 2021 | Washington PostBecause she wasn’t technically fired, she wasn’t eligible for severance pay, paid out unused time off, or job assistance that was offered to others who were laid off.
Those who lost jobs could seek retraining, perhaps using severance pay or unemployment benefits to find work in another field.
Millions of Americans Have Lost Jobs in the Pandemic—And Robots and AI Are Replacing Them Faster Than Ever | Alana Semuels | August 6, 2020 | TimeI searched for his severance pay on my desk, wondering who the devil had hired him in the first place.
With a Vengeance | J. B. Woodley
British Dictionary definitions for severance pay
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
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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