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severance

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sev⋅er⋅ance

  [sev-er-uhns, sev-ruhns]
Use severance in a Sentence
–noun
1. the act of severing or the state of being severed.
2. a breaking off, as of a friendship.
3. Law. a division into parts, as of liabilities or provisions; removal of a part from the whole.
4. severance pay.
Origin:
1375–1425; late ME severaunce < AF; see sever, -ance
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2009.
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Wrongful Termination?
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Severance Negotiations
Agreement Review & Employee Representation
www.timkaren.com
sev·er·ance   (sěv'ər-əns, sěv'rəns)   
n.  

    1. The act or process of severing.

    2. The condition of being severed.

  2. Separation; partition.

  3. Severance pay.

The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Word Origin & History

severance 
1422, from Anglo-Fr., from O.Fr. sevrance, from sevrer (see sever). Meaning "discharge from employment contract" is attested from 1941.
Online Etymology Dictionary, © 2001 Douglas Harper
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