Severance Package
/ˈsɛvərəns ˈpækɪdʒ/
Definitions
- (n.) A compensation and benefits arrangement provided to an employee upon termination of employment, typically to offset loss of income and assist transition.
The employee received a severance package including pay and extended health benefits after being laid off.
- (n.) A contractual agreement specifying terms and conditions for post-employment payments and benefits.
The severance package outlined in the contract detailed the notice period and bonus entitlements.
Forms
- severance package
- severance packages
Related terms
See also
Commentary
Severance packages often combine statutory entitlements with negotiated terms; clarity in drafting prevents disputes over eligibility and scope.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.