severance payment
Layoff financial package
A severance payment is money an employer gives to an employee who is being let go, typically due to layoffs, restructuring, or position elimination rather than for cause.
The amount often depends on length of service, with a common formula being one or two weeks' pay per year worked.
Severance packages may also include extended health benefits, job placement assistance, or other considerations.
The company offered six months' severance payment to workers affected by the closure.
Payment after workforce reduction
- golden handshakeLucrative payment upon departure
- lump sumEntire amount at once
- payoutMoney distributed to recipient
- settlementResolved dispute or colony
indemnity · separation pay · exit package · termination pay · final paycheck · restitution · damages · reimbursement
Needless duplication
- downsizingReducing workforce or scale
- restructuringRearranging an existing framework
- workforce reductionCutting employee headcount
- retrenchmentReduction of expenditures
mass layoff · pink slip · dismissal · termination · discharge · plant closure · outsourcing · offshoring
Fixed periodic employment payment
- wagesPayment for work
- tenureProtected employment status
- years of serviceDuration of employment
- base payCompensation before additions
multiplier · formula · cap · minimum · maximum · negotiation · proration · tax withholding
Seeking paid employment
- outplacementJob-search help for terminated employees
- career changeMoving to different occupation
- retrainingAcquiring updated skills
- networkingBuilding professional relationships
resume writing · interviews · relocation assistance · entrepreneurship · freelancing · consulting · skill development · professional growth
Contract formalizing a split
- waiverFormal surrender of rights
- non-disclosure agreementContract binding parties to secrecy
- non-compete clauseEmployment contract work limitation
- considerationCareful thought or compensation
settlement · arbitration · mediation · employment law · breach of contract · wrongful termination · age discrimination · EEOC
Interim health coverage law
- pensionRetiree's ongoing benefit
- retirement fundSavings for post-career years
- career counselingAdvice on work paths
- reference letterWritten character endorsement
redundancy pay
Payment after workforce reduction
- golden handshakeLucrative payment upon departure
- lump sumEntire amount at once
- payoutMoney distributed to recipient
settlement · indemnity · separation pay · exit package · termination pay · final paycheck · restitution · damages · reimbursement · indemnification
redundancy
Needless duplication
- downsizingReducing workforce or scale
- restructuringRearranging an existing framework
- workforce reductionCutting employee headcount
retrenchment · mass layoff · pink slip · dismissal · termination · discharge · plant closure · outsourcing · offshoring
salary
Fixed periodic employment payment
- wagesPayment for work
- tenureProtected employment status
- years of serviceDuration of employment
base pay · multiplier · formula · cap · minimum · maximum · negotiation · proration · tax withholding · deductions
job search
Seeking paid employment
- outplacementJob-search help for terminated employees
- career changeMoving to different occupation
- retrainingAcquiring updated skills
networking · resume writing · interviews · relocation assistance · entrepreneurship · freelancing · consulting · skill development · professional growth · unemployment benefits
separation agreement
Contract formalizing a split
- waiverFormal surrender of rights
- non-disclosure agreementContract binding parties to secrecy
- non-compete clauseEmployment contract work limitation
consideration · settlement · arbitration · mediation · employment law · breach of contract · wrongful termination · age discrimination · EEOC
COBRA
Interim health coverage law
- pensionRetiree's ongoing benefit
- retirement fundSavings for post-career years
- career counselingAdvice on work paths
reference letter · extended benefits · dental coverage · vision coverage
severance paymentsigning bonus
Payment upon accepting employment
welcome bonus · golden hello · relocation allowance · starting salary · retention bonus
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