A severance allowance refers to the money or benefits a person receives when they are laid off or fired from a job. It is a form of compensation to help the person during their transition period until they find a new job. Full definition
This includes severance allowances and other entitlements. (punchng.com)
«Fayose was owing one month salary when he collected the first bailout of N9.6 bn, which he diverted to other purposes known only to himself and refused to use it for salaries, pensions, gratuity and severance allowances as approved by the Federal Government. (punchng.com)
The party expressed regrets that Fayose was owing one month salary of less than N2bn when he took N9.6 b bailout, but paid only one month salary and refused to pay pensioners, leave bonus and severance allowances of former political office holders as approved in the protocols of the bailout approval. (dailypost.ng)