severance pay


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severance pay

n.
A sum of money usually based on length of employment for which an employee is eligible upon termination.

severance pay

n
(Industrial Relations & HR Terms) compensation paid by an organization to an employee who leaves because, through no fault of his own, the job to which he was appointed ceases to exist, as during rationalization, and no comparable job is available to him
Translations
ontslagvergoeding

severance pay

nAbfindung f

severance pay

n (Industry) → indennità di licenziamento
References in periodicals archive ?
Summary: Amount owed to the employee can be deducted from his severance pay.
8 of 1980 states: "A worker who has completed a period of one or more year of continuous service shall be entitled to a severance pay on the termination of his employment.
The VER plan will offer a severance pay equivalent to one month's salary for each completed year of service.
MPs receive a severance pay that equals average monthly wages multiplied by the number of years of his uninterrupted term in parliament.
Global Banking News-May 27, 2016--Barclays to increase severance pay for staff in Tokyo
ySTANBUL (CyHAN)- Journalist Elif Akyn, who was economy editor at the Millet daily, has been refused severance pay and is considered ineligible to apply for unemployment benefits after being fired from the once critical paper.
The Office of the Ombudsman (OMB) has ordered the six-month suspension of former Mactan Cebu International Airport Authority (MCIAA) General Manager and current Department of National Defense (DND) Assistant Secretary Danilo Augusto Francia in connection with the alleged illegal grant of severance pay to a former colleague.
Under these modifications, the period during which a former MP can be entitled to a severance pay depends on the length of the period during which he or she served as a Member of Parliament.
The claim alleges that Partner did not include in the severance pay calculation for its employees various components that constitute an addition to the salary for the severance pay calculation and thereby acted unlawfully.
3 with 1, 5 and 10 years of tenure, in salary weeks) Severance pay for redundancy dismissal (for a worker with 1 4.
MWSS administrator Geraldo Esquivel, in a letter dated July 11 to Justice Secretary Leila de Lima and resigned NBI Director Nonnatus Rojas, requested an investigation into the alleged conspiracy "to defraud the MWSS of hundreds of millions of pesos in false and unjustified claims for deferential severance pay.
Spain's right-leaning government slashed employees' maximum severance pay in a sweeping labour reform unveiled yesterday to confront a near 23 per cent unemployment rate.