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Discover Ludwig"severance payment" is correct and usable in written English.
It is typically used to refer to money that is paid to an employee after they have been laid off from their job. For example: The company offered the employee a generous severance package after they were laid off.
Dictionary
severance payment
noun
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.
synonyms
Exact(60)
Severance payment talks ensue.
"John will not receive any severance payment.
Army conscripts will get a one-time severance payment.
They received an average severance payment of £164,200.
A severance payment to her should have been recorded as a political expenditure.
In the House of Commons, Mr Entwistle's severance payment was the subject of heated criticism.
In WaMu's final year of existence, he received $25.1 million, including a $15.3 million severance payment.
The association eventually paid the woman $45,000, which Mr. Cain has called a severance payment.
A separation allowance or severance payment shall be reported in accordance with § 209.14 of this part.
Under terms of Mr. Jones's contract, he is eligible for a severance payment of $2.09 million.
Stumpf "will not receive any severance payment", a Wells Fargo spokeswoman confirmed to the Guardian.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com