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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 ?
It has 26 sporting events: basketball, parachuting, aeronautical pentathlon, boxing, sailing, military pentathlon, cycling, shooting, naval pentathlon, equestrian, skiing, fencing, swimming, track and field, football, taekwondo, cross-country, marathon, golf, triathlon, handball, volleyball, judo, wrestling, beach volleyball, modern pentathlon and orienteering.
The parachuting event is judged on accuracy, style and formation skydiving.
Another member of the parachuting trip, Dr Joshua Burrill, saw her in difficulties and jumped out of the plane in a brave bid to save her.
parachuting injuries have increased because, the current T-10 parachute system that has been in use since the 1950s, is not designed to carry the weight that modern-day soldiers need to carry during airborne operations.
This sub-committee meets three times a year and is currently tasked with reviewing the existing risk management measures in use in the industry, the emphasis being on sport parachuting and sport parachute equipment manufacturers.
Beijing, Oct 13 (ONA) The National Parachuting Team of the Sultan of Oman Parachutes at the Royal Army of Oman (RAO) clinched the third place game in Accuracy Landing and Rotation, among the twenty-two States in the Asiania Parachuting Championship hosted by the People's Republic of China during October 3rd-12th.
Born near Los Angeles, Irvin started a ballooning and parachuting career in 1911 while in his early teens.
After parachuting from their damaged balloon, the men were blown about on the ground by stiff winds, Griego said.
Emergency Evacuation Systems taps a rich heritage of parachuting excellence and craftsmanship.