dismissal settlement

[Alaor Santos]

Hi
When you resign from the company you work for or when you are dismissed, there must be a final financial settlement between the two parts.

EX.: With the money I got from my final settlement (contract termination) I started my own business.

Is there a word in English for this final settlement? I am assuming the employee has got some rights to be paid for, such as proportional vacation money, etc. Can you help?

Thank you

 

[owlman5]

Hello, Alaor Santos. Many people use the term "severance pay" for "dismissal settlement". That's the term I usually read and hear in the U.S.

 

[GreenWhiteBlue]

Hi
When you resign from the company you work for or when you are dismissed, there must be a final financial settlement between the two parties.

While I agree with owlman that the term you want is "severance pay", note that in the United States, at least, there is no "must" about it at all; it is far more common for people who quit or who are dismissed to receive nothing whatsoever from their former employer.

 

[cyberpedant]

There is also the curious term "Golden Parachute."
Wiki: "A golden parachute is an agreement between a company and an employee (usually upper executive) specifying that the employee will receive certain significant benefits if employment is terminated."
http://en.wikipedia.org/wiki/Golden_parachute

 

[sdgraham]

Alaor

You're asking for a simple term for a number of different situations. Just in he United States, there are differences in the way voluntary resignations, dismissal for cause and layoffs are handled.

Then, in the U.K., the term "redundancy" is used where we in the U.S. use "layoff." (We do have "severance pay," usually for layoffs, but our British friends use "redundancy payment")

Then ... you introduce yet another concept, that of a terminated contract, which is different than regular employment, at least here in the U.S.

I don't know of a single term to apply, sorry.