severance pay

severance pay
A sum of money paid to a terminated employee as compensation for firing him or her.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

severance pay
Money paid to an employee who is laid off, fired or leaves by mutual agreement. Employers are not generally required to offer severance pay, although a few states require some severance pay for employees who lose their job in a plant closing or large layoff. Employers may also be obligated to provide severance pay if they promised to do so in an employment contract or employee handbook.
Category: Employment Law & HR → Employee Rights

Nolo’s Plain-English Law Dictionary. . 2009.

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Look at other dictionaries:

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