golden parachute

noun
1.
an employment contract or agreement guaranteeing a key executive of a company substantial severance pay and other financial benefits in the event of job loss caused by the company's being sold or merged.
Origin
1980-85
Examples from the web for golden parachute
  • Profits are transferred to management, later they jump with the golden parachute of more profits.
  • Another likely target is the golden parachute for a departing boss, especially if he has left because of poor performance.
  • Suggestion: let's offer them a multimillion-dollar golden parachute.
  • In fact, their taxes would finance their former boss' golden parachute.
British Dictionary definitions for golden parachute

golden parachute

noun
1.
(informal) a clause in the employment contract of a senior executive providing for special benefits if the executive's employment is terminated as a result of a takeover
golden parachute in Culture

golden parachute definition


A generous package of benefits offered to an employee as an inducement for early retirement or departure from a company: “Following the merger, many executives decided to leave after the offer of a golden parachute.”

Note: The term golden handshake means essentially the same thing: “The principal accepted the golden handshake in lieu of being demoted to assistant principal.”
Note: Both expressions are from the last quarter of the twentieth century, when such packages were offered frequently.

golden parachute definition


A provision in the contracts of many top executives that guarantees substantial benefits if they lose their positions.

Slang definitions & phrases for golden parachute

golden parachute

noun phrase

Very high sums, benefits, etc, offered for taking early retirement: ''Golden parachutes'' or severance packages are all becoming more common/ A parting golden handshake with GM included a valuable Cadillac franchise ( first form 1980s+, second 1960+)