What is another word for redundancy payment?
Pronunciation: [ɹɪdˈʌndənsi pˈe͡ɪmənt] (IPA) 
Redundancy payment, also known as severance pay or termination pay, is a sum of money that an employer gives to an employee who has been made redundant. There are several other synonyms for redundancy payment used in different countries and industries. In the United States, it is often referred to as a layoff compensation or layoff severance pay. In Australia, it is commonly known as redundancy payout or redundancy package. In the United Kingdom, other terms for redundancy payment include redundancy settlement, severance package, or redundancy pay. While the names may vary, the purpose of these payments remains the same - to offer financial assistance to employees who have lost their jobs due to organizational changes.
