severance pay
noun
: an allowance usually based on length of service that is payable to an employee on termination of employment
Example Sentences
Recent Examples on the Web In anticipation of the ownership change, MEC leadership sent layoff notices to dozens of employees late last week, informing them of immediate termination without severance pay. 
Andrew Weaver, Outside Online, 14 Oct. 2020 When the pandemic struck, Chateau Marmont abruptly fired most of its workers with no severance pay and only a brief extension of health benefits. Hugo Martín, Los Angeles Times, 25 Aug. 2022 Employees laid off Thursday will receive three months of severance pay plus bonus and incentives, according to New Relic. oregonlive, 18 Aug. 2022 Employees who are let go will get 16 weeks of severance pay, plus an additional week for every year of tenure, the company said. Anne D'innocenzio, USA TODAY, 26 July 2022 By accepting a part-time job at another store, Scales had forfeited his right to leave the company with severance pay. Globe Staff, BostonGlobe.com, 22 June 2022 And while Chipotle is offering Augusta staff severance pay, this is based on recent hours of work, according to Young, which have been minimal since the restaurant closed on June 17. Tristan Bove, Fortune, 20 July 2022 That would have kept open the option of him leaving the company and taking severance pay on June 28, the day his position at the Brookline store was set to be formally terminated. Globe Staff, BostonGlobe.com, 22 June 2022 Chipotle said the store’s workers will receive severance pay and assistance finding new jobs. From Usa Today Network And Wire Reports, USA TODAY, 22 July 2022 See More
Andrew Weaver, Outside Online, 14 Oct. 2020 When the pandemic struck, Chateau Marmont abruptly fired most of its workers with no severance pay and only a brief extension of health benefits. Hugo Martín, Los Angeles Times, 25 Aug. 2022 Employees laid off Thursday will receive three months of severance pay plus bonus and incentives, according to New Relic. oregonlive, 18 Aug. 2022 Employees who are let go will get 16 weeks of severance pay, plus an additional week for every year of tenure, the company said. Anne D'innocenzio, USA TODAY, 26 July 2022 By accepting a part-time job at another store, Scales had forfeited his right to leave the company with severance pay. Globe Staff, BostonGlobe.com, 22 June 2022 And while Chipotle is offering Augusta staff severance pay, this is based on recent hours of work, according to Young, which have been minimal since the restaurant closed on June 17. Tristan Bove, Fortune, 20 July 2022 That would have kept open the option of him leaving the company and taking severance pay on June 28, the day his position at the Brookline store was set to be formally terminated. Globe Staff, BostonGlobe.com, 22 June 2022 Chipotle said the store’s workers will receive severance pay and assistance finding new jobs. From Usa Today Network And Wire Reports, USA TODAY, 22 July 2022 See More Word History
First Known Use
1943, in the meaning defined above