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severance pay

noun

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.

severance pay

noun

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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Word History and Origins

Origin of severance pay¹

First recorded in 1940–45

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Example Sentences

Examples have not been reviewed.

Former workers posted on social media that they were given 10 weeks of severance pay.

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Department of Labor states there is no requirement for employers to offer severance pay.

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If you do get severance pay, be aware that the amount you receive is taxable.

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The email offered current federal employees the option of around eight months of severance pay, in exchange for an immediate resignation.

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Seeing as many of the people he promised severance pay never got it and are suing him, Democrats like Virginia Senator Tim Kaine are right to be urging their federal employee constituents not to accept his "offer."

From

severance severance tax

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