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A lucrative severance package used to encourage an aging worker to voluntarily resign. The package may include cash and stock options, as well as equity in the company. Golden boots are most common when a company wishes to hire younger workers that may have skills that the older worker does not possess. It would cost the company money to retrain the older worker, and he/she may not learn the new skill as well. On the other hand, age discrimination laws may prevent the company from firing the older worker. The golden boot attempts to serve everyone's interest to the best of its ability. See also: Golden handshake.
A lucrative financial package offered an employee who is being involuntarily terminated.