severance pay

Definition

A payment made to a terminated employee.

Use severance pay in a sentence

When our company CEO was fired, the employees were shocked to learn he had received several million dollars as severance pay.

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The employee was fortunate to receive severance pay, so the lay off was received with positive mind states instead of negative.

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After working for a finance company for thirty years Nancy was terminated due to her age and the recent dismal economic climate. Sadly though they offered her a very low sum of two thousand dollars in severance pay for all her loyal years of service.

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