- severance pay
n.A sum of money paid to a terminated employee as compensation for firing him or her.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- severance pay
Money paid to an employee who is laid off, fired or leaves by mutual agreement. Employers are not generally required to offer severance pay, although a few states require some severance pay for employees who lose their job in a plant closing or large layoff. Employers may also be obligated to provide severance pay if they promised to do so in an employment contract or employee handbook.Category: Employment Law & HR → Employee Rights
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
Look at other dictionaries:
severance pay — severance ,pay noun uncount money that a company pays to a worker who is forced to leave because they are no longer needed. British redundancy pay … Usage of the words and phrases in modern English
severance pay — ☆ severance pay n. extra pay given to employees who are dismissed through no fault of their own, usually based on length of time employed … English World dictionary
severance pay — ► NOUN ▪ money paid to an employee on the early termination of a contract … English terms dictionary
Severance Pay — The compensation that an employer provides to an employee who has been laid off, whose job has been eliminated, who through mutual agreement has decided to leave the company, or who has parted ways with the company for other reasons. Typically,… … Investment dictionary
severance pay — noun Money paid as compensation to someone whose employment is ended. The only case for severance pay on top is that fortunes in public life are so uncertain that some MPs might be discouraged from seeking office if there weren’t any cushion. Syn … Wiktionary
severance pay — noun : an allowance usually based on length of service that is payable to an employee on severance except usually in case of disciplinary discharge provided severance pay for officers and enlisted men released from active duty Military Review … Useful english dictionary
severance pay — /ˈsɛvrəns peɪ/ (say sevruhns pay) noun money paid by a firm to employees or directors in compensation for loss of employment: *slow realization by Swinburne that he is being sacked, all very gentlemanly, with lavish severance pay. –dal stivens,… … Australian English dictionary
severance pay — Money, often the equivalent of one or two months salary, that is offered by employers to employees who are laid off. Severance pay is not a legal requirement, but it must be paid if it was offered in a contract. The term also sometimes refers… … Business law dictionary
severance pay — išeitinė išmoka darbuotojui statusas Aprobuotas sritis buhalterinė apskaita ir finansinė atskaitomybė apibrėžtis Išmoka darbuotojui, viešojo sektoriaus subjekto mokama nutraukus darbo santykius ar tarnybą darbdavio arba darbuotojo iniciatyva,… … Lithuanian dictionary (lietuvių žodynas)
severance pay — also separation pay Payment by an employer to employee beyond his wages on termination of his employment. Such pay represents a form of compensation for the termination of the employment relation, for reasons other than the displaced employee s… … Black's law dictionary