severance Definition in Cambridge Business English Dictionary
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Definition of "severance" - Business English Dictionary

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severance

noun [U]
 
 
/ˈsevərəns/ HR, LAW
the official ending of an agreement, especially between an employer and employee: He is entitled to $40,000 in severance pay. The union negotiated severance agreements for all staff made redundant. severance benefits/compensation/payments
payment received by an employee when their employment is ended by the management: Workers with less than 6 months employment did not receive any severance.
(Definition of severance from the Cambridge Business English Dictionary © Cambridge University Press)
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