Severance package

A severance package is money and benefits that an employer may give to someone who is leaving their job. For example, if you are laid off or fired after working at a company for a long time, they may give you a severance package to help you get started in your new job. The package usually includes money, help with getting a new job, and maybe health insurance. It's like a thank you from the employer, to help you while you find a new job.