A severance package is provided to an employee after being laid off by a former employer. Ideally, the severance package provides income and benefits for a person while they look for other work – and hopefully find it. Depending on the circumstances, the severance package could go from a week to months. Of course, there is the almighty golden parachute. A golden parachute is a large sum of money, stock options (probably not worth as much now), or other compensation that is given to an employee, as delayed compensation for performances rendered. In reality a golden parachute is a freebie to a departing executive – so they don’t have to really worry about being unemployed.
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