Meaning of the word severance in English

What does severance mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

severance

US /ˈsev.ɚ.əns/
UK /ˈsev.ɚ.əns/

Noun

1.

money paid by an employer to an employee whose job the employer has had to bring to an end:

Example:
The management have offered employees one week's severance (pay) for each six months they have worked at the company.
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