golden hand-shake

golden handshake

noun
1.
a special incentive, as generous severance pay, given to an older employee as an inducement to elect early retirement.
2.
the giving or offering of such an incentive.

Origin:
1955–60

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
golden handshake
 
n
informal a sum of money, usually large, given to an employee, either on retirement in recognition of long or excellent service or as compensation for loss of employment

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