Definition of “severance” - English Dictionary

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“severance” in British English

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severancenoun [ U ]

uk /ˈsev.ər.əns/ us /ˈsev.ɚ.əns/

money paid by an employer to an employee whose job the employer has had to bring to an end:

The management have offered employees one week's severance (pay) for each six months they have worked at the company.
a severance agreement/deal/package

formal the act of ending a connection, relationship, etc. or of being separated from a person, place, etc.:

The minister announced the severance of aid to the country.
The hardest thing to cope with was the severance from his family.

(Definition of “severance” from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)

“severance” in American English

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severancenoun [ U ]

us /ˈsev·ə·rəns/

money paid by an employer to an employee ordered to give up a job:

a severance package
severance pay
The company offered severance to everyone who was let go.

(Definition of “severance” from the Cambridge Academic Content Dictionary © Cambridge University Press)

“severance” in Business English

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severancenoun [ U ]

uk /ˈsevərəns/ us 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.

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)