severance pay
money paid to an employee for early contract termination
TRANSLATION
severance pay = die Abfindung --- GOOGLE INDEX severance pay: approximately 300,000 Google hits
STATISTICS
IN THE PRESS
A report published in July found the BBC had paid £25m in SEVERANCE PAY to 150 senior staff, with 14 staff paid more than had been contractually obliged.
(BBC News)
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Former Roy City Manager Chris Davis abruptly left his post three weeks ago, but not without six months SEVERANCE PAY.
(The Standard-Examiner)
(BBC News)
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Former Roy City Manager Chris Davis abruptly left his post three weeks ago, but not without six months SEVERANCE PAY.
(The Standard-Examiner)
Did you
know?
severance pay
noun phrase
- money paid by an employer to an employee whose job the employer has had to bring to an end
(Cambridge Dictionary)
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Severance pay is compensation that an employer provides to an employee who has been laid off, whose job has been eliminated, who through mutual agreement has decided to leave the company, or who has parted ways with the company for other reasons.
Typically, severance pay amounts to a week or two of pay for every year that the employee was with the company. Executives may receive a month's pay for each year of service and senior executives generally receive severance pay as outlined in the employment contract.
In addition to pay, severance packages can include extended benefits, such as health insurance and outplacement assistance to help the employee secure a new position.
Whether one believes top executives are deserving or not, some severance packages seem astronomical. Former General Electric CEO left the company with $417 million for instance.
(sources: investopedia, Forbes magazine)
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SYNONYMS
buyout, severance package, severance payment, termination pay
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SMUGGLE OWAD into today's conversation
"I used my severance pay to start my own business."
---
Thanks to Birgit for suggesting today's word!
noun phrase
- money paid by an employer to an employee whose job the employer has had to bring to an end
(Cambridge Dictionary)
---
Severance pay is compensation that an employer provides to an employee who has been laid off, whose job has been eliminated, who through mutual agreement has decided to leave the company, or who has parted ways with the company for other reasons.
Typically, severance pay amounts to a week or two of pay for every year that the employee was with the company. Executives may receive a month's pay for each year of service and senior executives generally receive severance pay as outlined in the employment contract.
In addition to pay, severance packages can include extended benefits, such as health insurance and outplacement assistance to help the employee secure a new position.
Whether one believes top executives are deserving or not, some severance packages seem astronomical. Former General Electric CEO left the company with $417 million for instance.
(sources: investopedia, Forbes magazine)
---
SYNONYMS
buyout, severance package, severance payment, termination pay
---
SMUGGLE OWAD into today's conversation
"I used my severance pay to start my own business."
---
Thanks to Birgit for suggesting today's word!
