People often use severance pay and redundancy pay loosely, but the legal meaning depends on the country and the reason employment ends.
Common questions
What does Severance Pay mean in simple terms?+
Severance pay is money paid to an employee when their employment ends. It may be required by law, promised in a contract or offered as part of a settlement.
What are the compliance implications of Severance Pay?+
People often use severance pay and redundancy pay loosely, but the legal meaning depends on the country and the reason employment ends.