US workplace terms
Severance
Pay given to employees when their employment ends, usually in a layoff, often in exchange for signing a release of legal claims. The UK equivalent is redundancy pay, often with a settlement agreement.
A plain-English explanation of how this usually works in the US, not legal, tax or financial advice. Rules differ between states and change over time, so check your own situation. Disclaimer.
You'll hear it as
They offered two weeks' severance per year worked.
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