severance pay

severance pay. Money (apart from back wages or salary) paid by an employer to a dismissed employee. • Such a payment is often made in exchange for a release of any claims that the employee might have against the employer. — Also termed separation pay; dismissal compensation. [Cases: Master and Servant 72. C.J.S. Employer–Employee Relationship §§ 146–152, 155, 175.]

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词条贡献者

双语律师William，国内知名法学院金融专业，擅长翻译各类与投资基金、投资顾问及金融衍生工具相关的法律文件。