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a golden parachute

if an important manager in a company has a golden parachute, the company agrees to give them a very large sum of money if they lose their job He insisted on a substantial golden parachute as part of the package before taking up the post.
See also: golden, parachute

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

golden parachute

n. a special kind of severance pay for persons who may be forced to leave a job. (see also golden handcuffs.) If all the golden parachutes were used at the same time, it would bankrupt the company.
See also: golden, parachute
References in periodicals archive ?
Mr Franklin added that while police have spoken to many members of the parachute club, they still want any other witnesses to the incident to come forward.
It took him less than four minutes to safely land without using his two reserve regular parachutes.
The increase in parachute payments from PS16m is because of the rise in the Premier League's TV rights from 2013-16 - and it effectively decides on the level it pays.
The first-of-its-kind Parachute Ventricular Partitioning Device is a minimally invasive treatment for patients with heart failure caused by damage to the heart muscle following a heart attack.
Mr van der Eerden said the parachute appeared stuck on the rocks.
Peterlee Parachutes is also creating a job managing the business' marketing enquiries after investing in new software which streamlines the booking process.
A 10% increase in parachute importance (relative to the merger pay package) is associated with a 5% decline in bid premium.
How do people continue to get hurt and killed if the parachute isn't to blame?
Each level of testing is designed to fully test the performance of the new parachute design with different size payloads under varying conditions.
3 Knife/Dive tool: used to cut away parachute cords or help trapped victims.
An experienced skydiver was killed after landing awkwardly and hitting his head following a 12,500ft parachute jump, police said yesterday.
They seldom have mishaps, and the likelihood a KC-135 crew member would ever need to use a parachute is extremely low.
Plumb also points out that he needed many kinds of parachutes when his plane was shot down over enemy territory--his physical parachute, his mental parachute, his emotional parachute and his spiritual parachute.
THE Program Executive Office Soldier is testing a new parachute designed for increased weight requirements and additional safety benefits for paratroopers.
Program Executive Office (PEO) Soldier is testing a new parachute system that the Army plans to use to replace the system in use since the 1950s.