What is another word for severance pay?
Pronunciation: [sˈɛvəɹəns pˈe͡ɪ] (IPA) 
Severance pay, also known as redundancy pay, is a compensation package given to employees who are involuntarily terminated from their job. Other terms used to describe this type of payment include separation pay, termination pay, and pay in lieu of notice. These synonyms may vary depending on the jurisdiction and labor laws of a specific region. For instance, in the UK, the term "redundancy pay" is commonly used, whereas in Canada, the term "separation pay" is often used. Regardless of the term used, the purpose of this compensation package is to help dismissed employees transition to a new job and compensate them for the loss of their former employment.
