severance
n.the act of ending a connection or relationship, especially between a worker and a company. It often refers to the money an employer pays you when they end your contract.
n.the action of ending a connection or relationship; specifically, the termination of an employment contract by the employer. Often refers to the financial compensation provided upon such termination.
“The company offered him a generous severance package.”
“After ten years of service, she received six months of pay as severance when the factory closed.”
“The sudden severance of diplomatic ties between the two nations led to an immediate suspension of all cross-border trade and travel agreements.”
Often used as a modifier in the compound noun 'severance pay' or 'severance package'.
“They signed confidentiality agreements in return for severance pay, and fear that speaking publicly could hurt their chances of finding work in an industry which has a small network.”
“But the high turnover built into their jobs means that their employers can invest less in their training and avoid the management costs otherwise associated with layoff severance and fair treatment on the job.”