A severance package, also known as a separation package or severance agreement, is a compensation and benefits package provided to an employee upon termination of employment, typically due to reasons such as layoffs, downsizing, company restructuring, or job elimination.
Severance packages are designed to mitigate the financial impact of job loss and provide support to departing employees during their transition period. Depending on company policies, employment contracts, and legal requirements, severance packages may include various components such as:
You may also be interested in learning about these terms:
Severance Package
Benefits Package
Layoff
