Severance pay

Author: External Author | | Categories: Accountant , Accounting , Payroll Services

"Severance pay" is compensation that is paid to a qualified employee who has their employment "severed." It compensates an employee for losses (such as loss of seniority) that occur when a long-term employee loses their job.

Severance pay is not the same as termination pay, which is given in place of the required notice of termination of employment.

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Original Article Source Credits: Ontario,

Article Written By: NA

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