golden handshake


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Golden handshake

A large payment to a senior employee who is forced into retirement or fired as a result of a takeover or similar development.

Golden Handshake

A clause in a high-ranking executive's hiring contract describing a lucrative severance package once the executive leaves the company. The package often includes cash and stock options worth millions of dollars, as well equity in the company. The executive is normally eligible for a golden handshake regardless of the circumstances under which he/she left the company, whether retirement, redundancy brought about from a merger or acquisition, or termination for mismanagement. Controversy surrounding the practice tends to increase in times of increased mergers, as well as in economic downturns.

golden handshake

a generous severance payment made to an employee as an inducement to leave an organization. The phrase is also sometimes used to describe payments made to retiring employees as a sign of gratitude for their services. See REDUNDANCY.

golden handshake

a generous severance payment made to a director or worker of a company who is dismissed prior to the expiry of his or her service contract.
References in periodicals archive ?
The human resource committee had recommended golden handshake for all remaining employees on 4:1 formula.
KPEZDMC management has paid golden handshake to the employees of the defunct SDA who opted for GHS voluntarily.
It is time for people power to tell these crooks you're sacked and there will be no golden handshake and no pension for fiddling their expenses over the years that they have been in Parliament.
A RECORD number of company executives received golden handshakes of more than pounds 1 million last year, a new report has shown.
"When I decided to work with President Uhuru Kenyatta after that golden handshake, political temperatures came down.
ISLAMABAD -- Pakistan International Airlines (PIA) is not considering to lay off employees nor any funds have been allocated for golden handshake scheme in the airlines, Spokesman of PIA Danyal Gillani here on Saturday said.
I REFER to the letter from Ray Irwin (You Say, April 25) regarding no golden handshake for his wife after 25 years' loyal service to the NHS.
But then she said she needed the golden handshake to '"help put food on the table for my family until December'".
So why was he allowed to resign with this nice golden handshake, and what of the poor victims of his depravity that his viewing paid for?
The manager picks up a pounds 2 million golden handshake for his failure.
No doubt he will leave with a huge golden handshake.
Golden handshake payments, widely regarded as tax-free, are being increasingly shackled by HM Revenue & Customs.