What are Severance packages?

Severance packages: Severance packages, also known as severance agreements or termination packages, are compensation and benefits provided by employers to employees when their employment is terminated, either involuntarily or through a mutual agreement. These packages are designed to ease the financial and transitional burden on employees who are losing their jobs. Severance packages may vary in content and generosity, depending on factors such as employment contracts, company policies, and labour laws.