From Longman Dictionary of Contemporary Englishseverance pay/packageseverance pay/package formalmoney or other things that you get when you have to leave a company because your employer no longer has a job for you Employees will get two weeks of severance pay for every year of service. → severance
Examples from the Corpus
severance pay/package• Laid-off employees, of which there have been 105 since January, each received a severance package and a computer.• The council also agreed to pay moving expenses and provide six months severance pay should they later fire him.• There will, of course, be no severance pay, and a reference is out of the question.• Ivy said the school did not buy out the contract but would negotiate some kind of severance package with Mumme.• He would not answer questions about the lack of severance pay.• She received three months of severance pay.• Of the $ 27 million charge, about $ 15 million relates to severance pay and plant closures.• Sources said that they have been given six weeks to finish their assignments and another four weeks' severance pay. 