How Well Do You Know English Slang?
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.
A provision in the contracts of many top executives that guarantees substantial benefits if they lose their positions.
Very high sums, benefits, etc, offered for taking early retirement: ''Golden parachutes'' or severance packages are all becoming more common/ A parting golden handshake with GM included a valuable Cadillac franchise ( first form 1980s+, second 1960+)