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Severance
(redirected from severance pay)

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, 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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And if we throw them out at the next general election - or if they resign - each MP is eligible to receive severance pay of up to pounds 64,000 and to claim up to pounds 41,000 for "winding-up" costs.
THE SEVERANCE PAY DEBATE At a time when companies are shedding hundreds of thousands of jobs, it's not surprising that we got lots of heated responses to "The Hidden Perils of Layoffs" (What's Next, Mar.
If it's any consolation for him, at least the severance pay will have been good
 
 
 
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