SEVERANCE

[noun] [U]Severance is money paid by an employer to an employee whose job the employer has had to bring to an end.The management have offered employees one week's severance (pay) for each six months they have worked at the company.A severance agreement/deal/package has been accepted by the workers.(formal) Severance is also the act of ending a connection, relationship, etc. or of being separated from a person, place, etc..The minister announced the severance of aid to the country.He said that when he went away to school for the first time, the hardest thing to cope with was the severance from his family.