A redundancy package refers to the compensation or benefits that an employee receives when they are made redundant or lose their job due to reasons beyond their control, such as downsizing or restructuring by the employer. Full definition
Mark Thompson's number two will step down from his role in June 2011, but will be compensated by a generous redundancy package, much to the chagrin of the right - wing press. (politics.co.uk)
At the same time, he has spent # 1 billion on redundancy packages for managers. (itv.com)
They may be unable to relocate to other locations due to family issues, and have been forced to accept redundancy packages instead of following their jobs to new locations. (totumpartners.com)