golden handshake


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golden handshake

A large severance package given to an executive who leaves a company due to termination, corporate restructuring, or retirement. The company's vice president received a $500,000 golden handshake after being pressured to leave his position.
See also: golden, handshake

golden handshake

Generous severance pay to an employee, often as an incentive for early retirement. For example, With a dwindling school population, the town decided to offer golden handshakes to some of the teachers . This slangy business term dates from the mid-1900s. A close relative is golden parachute, a generous severance agreement for an executive in the event of sudden dismissal owing to a merger or similar circumstance. This expression first appeared about 1980.
See also: golden, handshake
References in periodicals archive ?
Labour Research said its survey of firms' annual reports found 75 golden handshakes of pounds 100,000 or more, with some companies making more than one large pay-off in the year.
JOE ROYLE has failed in a secret out-of-court bid to settle his pounds 750,000 golden handshake lawsuit against Manchester City following his sacking in May 2001.
While considering secession, which I feel neither way about, I thought you might remember that city officials are preparing to take a golden handshake ``retirement,'' and then will resurface as the Valley's consultants and employees.
Sven should be paid off with a golden handshake and a positive reference (just to get rid of him).
SIR - Is it true that the Assembly is planning to give old Labour councillors a golden handshake of pounds 10,000, in the attempt to bring in younger councillors?
Basically, I need you to give me a huge golden handshake for redundancy.
5million golden handshake from Chelsea before joining Liverpool.
FORMER Marconi chief executive Lord Simpson's expected pounds 1million golden handshake has been scaled down to pounds 300,000 - but is still provoking outrage.
We don't yet know the exact extent of Romer's largess to Chief Operating Officer Allen Solomon because district officials rolled over on a confidentiality clause, but sources put the golden handshake in the range of Solomon's $195,000 salary.
The disclosure will spark an outcry, given that the department was able to claw back Brown's pounds 60,000 golden handshake.
At stake is a possible pounds 400,000 golden handshake for two of the biggest names in Ireland's World Cup fairytale in Italy in 1990 and in America four years later.
The deadline was set last night, hours after it was revealed that six executives could walk out of their top jobs with a combined golden handshake of pounds 1million.
The cash will be spent on national advertising and job description packs to find a successor for Mr David Winchurch, who took early retirement this year with an estimated pounds 250,000 golden handshake.
But Collymore says he wants a pounds 1million golden handshake first.
A DAA spokesman said Mr Collier, whose total earnings for last year reached EUR612,500, will not be given a golden handshake.