severance pay

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Related to severance: severance agreement

severance pay

Money paid to an employee upon termination of his or her employment.
References in periodicals archive ?
According to a press release, part of the funds needed for the severance payments has been secured, and every effort is made to secure all the funds for this purpose during the day and next week.
The accounts also confirm what the council told the Observer in May, following a lengthy Freedom of Information wrangle, that Mr Carruth's remuneration in 2018-19 was made up of salary of PS83,652, expenses of PS353 and a severance payment of PS10,000.
United States Senator Elizabeth Warren (D-Mass.) and Representative Alexandria Ocasio-Cortez (D-N.Y.) sent a letter to private equity firm Sun Capital expressing alarm about reports that the firm, after years of looting the discount retailer Shopko and then driving it into bankruptcy, plans to break its promise to make severance payments to thousands of dedicated Shopko employees.
PRESIDENT of the Eighth Senate, Dr Abubakar Bukola Saraki, has directed that the National Assembly Management should distribute his Severance Allowance to families of three victims of the insurgency in the North-East,
Back when Eddie Lampert was campaigning for approval of his plan to rescue Sears, he emphasized his promise to give severance to employees who lost their jobs after the retailer went bankrupt.
An employee is entitled to severance pay (gratuity) if he has completed one or more years of continuous service with his employer.
But the funding mechanism to pay for Restore Pennsylvania would come from a new severance tax on a different part of the natural gas industry, the part that extracts the gas from deep within the ground.
The court agreed that Winchester Medical Center did not discriminate or retaliate against its former nursing director, finding there is no adverse employment action when an employer declines to pay discretionary severance benefits because a terminated employee refuses to sign a separation agreement.
Infosys had lost the arbitration over the severance package to Bansal and had been asked to pay outstanding amount of Rs 12.17 crore with interest.
Verizon made an offer of voluntary severance packages to about 44,000 workers, or over a quarter of its workforce, last month in an effort to reduce its staff as it looks to cut $10B in costs and upgrade to a 5G network, the Wall Street Journal reports, citing a spokesman for the company.
The Ministry of Labour on Tuesday released the names of four factories whose workers will be compensated after their employers absconded owing back pay and severance.
Here are the basics about employee severance (also called separation) agreements: Absent a union or individual employment contract, employees in New York are employed at-will.