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Severance
(redirected from Severance package)

    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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A severance package will now be discussed as Clyde look for a new manager although assistant John McCormack is in the dark over his future at a club that lost again at the weekend and remain rooted to the bottom of the table.
Brown cash bid by Daily Record (Glasgow, Scotland)
I would like to hazard an uneducated guess that Mr Stratford, despite taking (very) early retirement at the age of 54, received a very generous severance package paid for, at least in part, by every single council tax payer in Newcastle.
Public spending must be transparent; VOICE OF THE NORTH by The Journal (Newcastle, England)
Negotiating a better severance package need not be a bitter experience.
Maximize Your Severance Package by JobsBridge / Jobs and Careers community
 
 
 
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