Meaning ofseverance paymentin English

Noun

1. payment to an employee upon leaving a company (layoffs, etc.)
   The company provided a severance payment to the employee after the layoffs.
   Synonyms:

   termination paylayoff payredundancy payexit packagegolden handshake
   Antonyms:

   retention bonussigning bonushiring incentiveemployment subsidycontinuation pay