Browse Definitions :
Definition

severance package

Contributor(s): Ivy Wigmore

A severance package is the contracted pay and benefits provided to an employee whose job is terminated. 

Severance agreements specify what will be provided, as well as terms and conditions under which the employee might forfeit some or all  of his rights. Money and benefits in a severance package might include:

  • Pay in lieu of notice.
  • Pay based on term of employment or the expected period of unemployment.
  • An extension of medical and dental benefits for a specified time period.
  • Stock options. 

A voluntary severance package offered as an incentive for an employee to retire prematurely is sometimes referred to as a golden handshake. 

This was last updated in July 2013

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

SearchSecurity

  • GPS jamming

    GPS jamming is the process of using a frequency transmitting device to block or interfere with radio communications.

  • time-based one-time password (TOTP)

    A time-based one-time password (TOTP) is a temporary code, generated by an algorithm, for use in authenticating access to ...

  • Security Operations Center (SOC)

    A security operations center (SOC) is a command center facility for a team of IT professionals with expertise in information ...

SearchHealthIT

SearchDisasterRecovery

  • disaster recovery team

    A disaster recovery team is a group of individuals focused on planning, implementing, maintaining, auditing and testing an ...

  • cloud insurance

    Cloud insurance is any type of financial or data protection obtained by a cloud service provider. 

  • business continuity software

    Business continuity software is an application or suite designed to make business continuity planning/business continuity ...

SearchStorage

  • SSD (solid-state drive)

    An SSD (solid-state drive) is a type of nonvolatile storage media that stores persistent data on solid-state flash memory.

  • NAND flash memory

    NAND flash memory is a type of nonvolatile storage technology that does not require power to retain data.

  • storage class memory (SCM)

    Storage class memory (SCM) is a type of NAND flash that includes a power source to ensure that data won't be lost due to a system...

Close