sev‧er‧ance /ˈsevərəns/ noun [uncountable] formal

1. when you end your relationship or connection with another person, organization, country etc, especially because of a disagreement
severance of
the severance of diplomatic ties between the two countries

2. severance pay/package money or other things that you get when you have to leave a company because your employer no longer has a job for you:
Employees will get two weeks of severance pay for every year of service.

[TahlilGaran] Dictionary of Contemporary English ▲