Severance Payment
A money payment to compensate for the loss of a job.
A severance payment is a voluntary or agreed payment by the employer upon termination of the employment relationship. In most cases there is no general statutory entitlement to one; it is often negotiated in an unfair dismissal case or in a termination agreement.
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General explanation for self-help, not legal advice (RDG). Individual cases may differ: if in doubt, contact a consumer advice center or a lawyer.