severancenoun [ U ]uk /ˈsev.ər.əns/ us /ˈsev.ɚ.əns/
The management have offered employees one week's severance (pay) for each six months they have worked at the company.
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(Definition of “severance” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)
(Definition of “severance” from the Cambridge Academic Content Dictionary © Cambridge University Press)
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the art of forming solid objects that represent a thing, person, idea, etc. out of a material such as wood, clay, metal, or stone, or an object made in this way