Wiktionary
severance payment
n. money that an employer pays to an employee when the employee leaves the company in case of layoffs, often in exchange for some kind of waiver.
Usage examples of "severance payment".
Work for hire only and when told to go, take the severance payment and go.
His mistress would receive a call from Guri shortly, a generous severance payment and good wishes for her future.
Having banked a lump severance payment, and finding himself less than enamored by the thought of returning to the corporate style of workplace, he was constantly on the lookout for investment opportunities to provide the wherewithal for preserving the ease and freedoms that a period of enforced paid leave had led him to grow accustomed to.
Some of them have failed to show up to collect their severance payment.