dismissal compensation

dismissal compensation
A payment made by an employer to an employee, in addition to wages or salary then owing by the employer to such employer, upon the termination of the employment, particularly where the employment is under a contract which entitles the employer to terminate the employment and discharge the employee at will. Anno: 147 ALR 151; 40 ALR2d 1044. Sometimes called separation wage; sometimes severance pay.

Ballentine's law dictionary. . 1998.

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