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English definition of “redundancy payment”

redundancy payment

noun [C]     (also redundancy pay [U])
HR money that a company pays to workers who have lost their jobs because they are no longer needed: eligible for/entitled to a redundancy payment An employee becomes eligible for a redundancy payment after two years' continuous employment. claim/seek a redundancy payment make/receive a redundancy payment
(Definition of redundancy payment noun from the Cambridge Business English Dictionary © Cambridge University Press)
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