There are multiple definitions - click on the translation that matches your context.

离职金

名词

full

severance

noun

Definitions of severance

when an employer makes an employee leave a job because the employee is no longer needed or wanted

Mr Hurd received about $30m in shares as part of his severance package.

money paid to employees when they have to leave work because they are no longer needed or wanted

The reforms include cuts to both holiday benefits and severance pay.

the act of ending or separating something such as legal claims in a law suit between multiple parties

Rule 14 authorizes a severance where it appears that a defendant might be prejudiced (=harmed) by a joint trial.