Definition: Severance Pay

Term: Severance Pay

Definition:In most countries, though not the U.S., severance pay is mandatory any time an employee is terminated. The purpose of severance pay is to soften the blow of unemployment. Typically, severance pay is based on length of employment. Any severance pay offered is a matter of agreement between an employer and an employee.

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Course	Page Number
18 - Intermediate Sanctions	12
91 - Multiple Country Compensation Programs	12
91 - Multiple Country Compensation Programs	12

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Severance Pay