a sum of money given by an employer to an employee who has been made redundant: usually calculated on the basis of the employee's rate of pay and length of service
Examples of 'redundancy payment' in a sentence
redundancy payment
The sum included a redundancy payment of 340,000 after he clashed with the council leader.
Times, Sunday Times (2009)
I will have to make a claim to the redundancy payments service but this could take until mid-January.