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Simple English definitions for legal terms
dismissal compensation
Read a random definition: 10-Q
A quick definition of dismissal compensation:
Dismissal compensation is also known as severance pay. It is the money that an employer pays to an employee who has been let go from their job. This payment is meant to help the employee during the time they are looking for a new job. It is important to note that not all employees are entitled to dismissal compensation, and the amount of compensation can vary depending on the circumstances of the dismissal.
A more thorough explanation:
Dismissal compensation is a type of payment given to an employee who has been terminated from their job. It is also known as severance pay.
For example, if a company lays off an employee due to downsizing, they may offer them a severance package that includes dismissal compensation. This payment is meant to help the employee during their transition period while they search for a new job.
Another example is if an employee is terminated due to misconduct, the company may still offer them a severance package that includes dismissal compensation as a way to avoid potential legal issues.
These examples illustrate how dismissal compensation is a form of financial support given to employees who have lost their job. It is meant to help them during their transition period and provide some financial stability until they find a new job.