Golden-parachute



noun
1.
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.
noun
1.
(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

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.

noun phrase

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+)

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