From Longman Business Dictionaryseverance packageˈseverance ˌpackageHUMAN RESOURCES an amount of money, and other advantages such as advice on finding a new job, that are offered to an employee when a company tells them to leave. Severance packages are often offered when companies are RESTRUCTURING (=reorganizing)20 full-time employees will be offered a severance package or other job opportunities at Chevron. → package
