golden para-chute

golden parachute

noun
an employment contract or agreement guaranteeing a key executive of a company substantial severance pay and other financial benefits in the event of job loss caused by the company's being sold or merged.

Origin:
1980–85

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
golden parachute
 
n
informal a clause in the employment contract of a senior executive providing for special benefits if the executive's employment is terminated as a result of a takeover

Collins English Dictionary - Complete & Unabridged 10th Edition
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American Heritage
Cultural Dictionary

golden parachute definition


A generous package of benefits offered to an employee as an inducement for early retirement or departure from a company: “Following the merger, many executives decided to leave after the offer of a golden parachute.”

Note: The term golden handshake means essentially the same thing: “The principal accepted the golden handshake in lieu of being demoted to assistant principal.”
Note: Both expressions are from the last quarter of the twentieth century, when such packages were offered frequently.

golden parachute definition


A provision in the contracts of many top executives that guarantees substantial benefits if they lose their positions.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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