MLchartDataset catalogue

Severance pay

Term · Insurance and risk management · MLC-T-INS-003072

Compensation that an employer provides to an employee after their employment is terminated, usually through no fault of the employee. This payment is not required by the Fair Labor Standards Act (FLSA) but is a matter of agreement between an employer and an employee in an employment contract or company policy. The amount is frequently based on the employee's salary and length of service, such as one or two weeks of pay for each year worked.

Table 1. Record
IdentifierMLC-T-INS-003072
FieldInsurance and risk management
SubjectEmployment Practices Liability
Record as JSON 
{
  "id": "MLC-T-INS-003072",
  "term": "Severance pay",
  "field": "Insurance and risk management",
  "definition": "Compensation that an employer provides to an employee after their employment is terminated, usually through no fault of the employee. This payment is not required by the Fair Labor Standards Act (FLSA) but is a matter of agreement between an employer and an employee in an employment contract or company policy. The amount is frequently based on the employee's salary and length of service, such as one or two weeks of pay for each year worked.",
  "subject": "Employment Practices Liability",
  "url": "https://mlchart.com/terminology/insurance/severance-pay/"
}

Record 3,099 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.