Overview Severance pay is compensation that is paid to a qualified employee who has their employment "severed." It compensates an employee for losses (such as loss of seniority) that occur when a long-term employee loses their job. Severance pay is not the same as termination pay, which is given in place of the required notice of termination Themeaning of SEVERANCE PACKAGE is money and other benefits given when employment is ended. Examplesof SEVERANCE PAYMENT in a sentence, how to use it. 18 examples: Rather, the employees want to receive as large a severance payment as possible. - I am not aware of SeverancePayment synonyms - 40 Words and Phrases for Severance Payment idioms Parts of speech nouns Tags informal severance pay n. severance package n. Severeddefinition: separated from the whole or divided into parts, as by cutting or the like. See examples of SEVERED used in a sentence. First you must understand that companies do not give people severance because they “deserve” it. Severance is not a reward for hard work, or a gift for a job well done. Nor is it charity, or a good will gesture. Severance is a payment made by an employer to an employee for one reason: to get something in return. Definitionand Purpose. Severance pay, also known as termination pay or redundancy pay, is a type of compensation provided to employees in South Africa when their employment is terminated. It is a financial package that helps ease the financial burden faced by employees who lose their jobs. The purpose of severance pay is to provide Synonymsfor PAY: compensate, repay, reimburse, refund, remunerate, recompense, prepay, pay up; Antonyms of PAY: stiff, repudiate, save, earn, make, acquire, win, realize ftCq4.

another word for severance pay