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tin parachute

American

noun

an employment agreement guaranteeing a worker compensation, especially in the form of bonuses and benefits, in the event of dismissal as a result of a merger or takeover.

Etymology

Origin of tin parachute

First recorded in 1985–90

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.