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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