severance payment

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severance payment (plural severance payments)

  1. Money that an employer pays to an employee when the employee leaves the company in case of layoffs, often in exchange for some kind of waiver.
    • 2021 September 22, Guillem Balagué, “Barcelona: The toxic battle ripping apart a European giant”, in BBC Sport[1]:
      And it gets worse. Barcelona will have to pay even more if he is fired in the interim. Last week, TV3 reported that a high severance payment - amounting to a total of about 12m euros - is on the table.