redundancy pay
Job loss payment
Redundancy pay is money an employer gives a worker whose job has been eliminated—distinct from severance for poor performance or misconduct.
The term is primarily British; Americans more often say severance pay regardless of the reason for termination.
After twenty years with the company, she received six months' redundancy pay.
- downsizingReducing workforce or scale
- mass layoffsSimultaneous dismissal of many workers
- severance packageCompensation upon job termination
- golden handshakeLucrative payment upon departure
- severance agreementTerms for employment termination
job displacement · severance pay · restructuring · unfair dismissal · notice periods · income security · financial stress · labour law · labor rights · termination notice · walking papers · unemployment benefits · economic downturns · tax-free allowance · LIFO · wage replacement · income replacement · contract breach
- unemploymentunemployment, unemployed, jobless, joblessness, unemployment rate
- benefitsadvantage, healthcare coverage, dental insurance, benefit, health screening
- labor lawlabor code, labor law, labor laws, labor standards, labour law
- employee benefitshealth insurance, pension, 401k, 401(k), retirement
- labor rightsworker rights, labor laws, union rights, employee rights, right to strike
- public paysalary, gross pay, net pay, pay, pay grades
redundancy paysigning bonus
Payment upon accepting employment
retention bonus · golden hello · welcome bonus · starting salary · loyalty bonus
redundancy paywages
Payment for work
salary · pension · retirement benefits · performance bonus · earned income