severance pay


Also found in: Dictionary, Thesaurus, Legal, Financial, Encyclopedia, Wikipedia.

severance pay

Money paid to an employee upon termination of his or her employment.
References in periodicals archive ?
It states, "An employer may deduct any amounts owed to him by an employee from the latter's severance pay.
A worker shall be entitled to a severance pay in respect of the number of days he has actually worked on the condition that he has completed one year of continuous service.
For applicants aged 50 years and above, the severance pay will be at the rate of two months' salary for each full year before the retirement age of 60.
They received 587,000 euros in severance pays eight years ago and 840,000 euros four years ago, however, the monthly salaries were also lower at the time.
Barclays Plc (LSE: BARC) has announced a plan to increase severance pay for staff in Tokyo.
They claim it was rightful termination and therefore declare that I cannot receive any severance pay or apply for unemployment benefits.
Lourdes Varga-Dedal guilty of simple misconduct for granting Patria Aurora Roa, who was also regional director of the Department of Tourism, P500,000 severance pay in April 2010.
Under these legal modifications, a former MP will be entitled to receiving a severance pay for three months provided they served as Members of Parliament for up to six months; to receiving a severance pay for six months provided they served as Members of Parliament for up to a year; to receiving a severance pay for nine months provided they served as Members of Parliament for one to two years; and to receiving a severance pay for a whole year provided they served as Members of Parliament for more than two years.
Esquivel said that based on a Supreme Court decision dated March 28, 2011, only 550 named petitioners were qualified to receive additional severance pay from the agency.
The reform will reduce the number of days of severance pay to 33 per year worked, down from 45 days.
This text, published by The World Bank, offers a historical and international account of severance pay systems, their drawbacks, and proposals for reform.
When business was slow, and I could not afford to retain all employees, I was required to keep those who "needed the money" most, as opposed to the hardest workers (and, of course, pay up to a year's worth of wages in severance pay to anyone I let go).