An amount paid to an employee on the early termination of a contract.
More example sentences
- The decree stipulates that the severance pay for a worker depends on their working period.
- I would take it easy for a few months and go scuba diving and windsurfing courtesy of my severance pay.
- The severance pay would be worked out according to the number of years a worker had been with the company.
Definition of severance pay in:
- The US English dictionary