Severance package

A severance package is pay and benefits employees receive when they leave employment at a company. In addition to their remaining regular pay, it may include some of the following:
Packages are most typically offered for employees who are laid off or retire. Sometimes, they may be offered for those who either resign, regardless of the circumstances, or are fired. 
Policies for severance packages are often found in a company's employee handbook, and in many countries, they are subject to strict government regulation.