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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 parachute

A large severance package given to an executive who is forced to leave a company due to a corporate merger or takeover. Daniel refused to take the position unless the company added a golden parachute clause to his contract.
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

golden parachute

An employment agreement that gives generous benefits to its high-ranking executives if they are dismissed owing to a company merger or takeover. This term, dating from about 1980, may have been based on the older golden handshake, which offers an employee generous benefits or a bonus in exchange for early retirement. It dates from the mid-1900s, when a dwindling school population prompted many localities to offer such an incentive to teachers. In contrast, golden handcuffs are a financial incentive to keep an employee from leaving a company. Stock options that can be exercised only far in the future are a popular form of golden handcuffs. This term dates from about 1970.
See also: golden, parachute
References in periodicals archive ?
Due to a misunderstanding, the pilot of the military plane crossed the parachuting zone at its center, dropping from 2,500 feet to 2,000 feet just as eight soldiers in the exercise opened their parachutes.
7.30-8.30am and 3-5.30 pm: Parachuting Canopy Piloting CP
It is the first time the World Military Parachuting Championship, which is one of the 26 sporting events of the International Military Sports Council, is being held in China.
The majority of parachuting mishaps caused by human error can be placed into two groups: mistakes caused by a lack of (or insufficient) training, and mistakes caused by trained, expert jumpers who have grown complacent.
The book gives a history of Australian military parachuting; beginning with its introduction into the RAAF in 1926.
As winds buffet the parachuting probe to and fro, the radio signal detected by Cassini will shift between slightly higher and lower frequencies.
The first World Parachuting Championships took place in Bled, Yugoslavia in 1951 and were held there again for the 20th championships in 1990.
The father of two was a "very experienced parachutist", said the British Parachuting Association - which launched a board of inquiry into the tragedy.
He was a member of the RMCS Black Rain team who in May won a parachuting contest at the Borders Parachute School in Northumberland.
Dressed in uniform of peaked cap, knickerbocker suit and high-legged boots, Dolly joined Captain Gaudron's parachuting team at the Palace and for nine years entertained the crowds with her descents while sitting on a sling and gripping a trapeze bar.
The centre was set up more than 20 years ago and has introduced thousands of people to the sport of parachuting.
Witnesses watched Mr Jones, a qualified British Parachuting Association (BPA) instructor who lived in Pontyclun, spiral to the ground before landing at the end of a runway.
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.