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To help dull the pain of a layoff, many employers offer severance packages to workers. There’s often no legal requirement for companies to offer these parting gifts, but they serve a couple of ...
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Packages are most typically offered for employees who are laid off or retire. Severance pay was instituted to help protect the newly unemployed. Sometimes, they may be offered for those who either resign, regardless of the circumstances, or are fired. Policies for severance packages are often found in a company's employee handbook.
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Severance pay is not mandatory; however, employers usually offer severance package as a gesture of goodwill and competitive advantage. Severance pay is paid, if any, based on employee’s years of service and contribution to the company. It may also include continuation of benefits and other perks (health insurance, outplacement assistant, etc.).
According to Investopedia, a golden handshake is similar to, but more generous than a golden parachute because it not only provides monetary compensation and/or stock options at the termination of employment, but also includes the same severance packages executives would get at retirement. [2] The term originated in Britain in the mid-1960s.