👉 Severance is a legal concept that refers to the act of giving an employee with a particular job title or position termination pay. The term "severe" typically implies that it involves substantial financial loss, such as significant salary reduction or even termination of employment due to a company's decision to close down operations. The purpose of severance payment is usually to help employees who have been laid off or terminated from their jobs and provide them with some form of compensation to ease the transition. This can include
