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LSDefine
Simple English definitions for legal terms
golden handshake
Read a random definition: morsellum terrae
A quick definition of golden handshake:
Golden Handshake: A special payment given to an employee when they leave their job, usually when they retire or are fired. It's like a big thank you for their hard work and dedication to the company.
A more thorough explanation:
A golden handshake is a type of compensation package that is offered to an employee, usually as an incentive to retire or upon dismissal. It is a generous amount of money given to the employee as a form of severance pay.
- When the company downsized, the employees who were laid off were given a golden handshake to help them transition to a new job.
- After working for the company for 30 years, the CEO was given a golden handshake as a retirement gift.
These examples illustrate how a golden handshake is used as a way to compensate employees who are leaving the company. It is a way to show appreciation for their years of service and to help them financially during the transition to a new job or retirement.