Severance

Pronunciation: /ˈsɛˌvɜːrəns/

Severance (noun)

  1. Money an employer gives a worker when the job ends, often because of dismissal or restructuring.
  2. The act of separating something into parts by cutting or breaking it.
  3. The ending of a connection or agreement between people or groups.

Examples

  • The company offered severance after the job ended.
  • She received severance when her contract finished.