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

Dictionary.com Unabridged
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
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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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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Slang Dictionary

golden parachute definition


  1. n.
    a special kind of severance pay for persons who may be forced to leave a job. (Usually for highly paid executives in large corporations. If the company is taken over and the executives are fired, they are very well provided for. See also golden handcuffs.) : If all the golden parachutes were used at the same time, it would bankrupt the company.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition.
Copyright 2007. Published by McGraw-Hill Education.
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Example sentences
Profits are transferred to management, later they jump with the golden parachute of more profits.
Another likely target is the golden parachute for a departing boss, especially if he has left because of poor performance.
Suggestion: let's offer them a multimillion-dollar golden parachute.
In fact, their taxes would finance their former boss' golden parachute.
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