The Open Dictionary

redundancy payment

noun

UK/rɪˈdʌn.dᵊn.si ˌpeɪ.mənt/
US/rɪˈdʌn.dᵊn.si ˌpeɪ.mənt/

Definitions of redundancy payment noun

  1. Countable

    A sum of money paid by a company to employees who are terminated because their positions are no longer required.

    • He received a substantial redundancy payment due to the company's restructuring.

    • She used her redundancy payment to fund the start-up of her new business.

    • The employees expressed satisfaction with the amount of redundancy payment they received.