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Severance
(redirected from Severance Benefit)

    Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.01 sec.
Severance
A settlement received after being released from a corporation. In the context of corporate governance, an agreement that assures high-level executives of their postions or some compensation and are not contingent upon a change in control.
Severance
A payment often (but not always) made in a lump sum that occurs when an employee is laid off or fired. Severance is sometime voluntary; that is, an employee may choose to quit and take a severance that is offered instead of staying and risking a layoff with no severance. The amount of severance is determined by the employee's length of time at the company, previous pay rate, and other factors. Accepting a severance makes one ineligible to collect unemployment insurance or to initiate a wrongful termination lawsuit. A severance exists in order to reduce the risk of the company when layoffs become necessary and to improve employee morale.
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For example, providing continued medical coverage on a free or subsidized basis to a terminated executive as a severance benefit or as part of a retirement package might run afoul of benefits for some employees and not others may be suspect.
Rules Change for Group Health Plans by Joy Taylor, Assistant Editor, / Kiplinger.com
The expenses will primarily include severance benefits and asset writedowns; the amount of severance benefits will be determined following employee consultation periods.
Armstrong World Industries Announces Details of European Flooring ... by PR Newswire
Central withheld Dickens' severance benefits immediately after he was fired on Feb.
Web reveals Dickens severance tussle by Anderson, Heather / Credit Union Times
 
 
 
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