golden parachute
noun
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 of golden parachute
First recorded in 1980–85
Words nearby golden parachute
British Dictionary definitions for golden parachute
golden parachute
noun
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
Cultural definitions for golden parachute (1 of 2)
golden parachute
A provision in the contracts of many top executives that guarantees substantial benefits if they lose their positions.
Cultural definitions for golden parachute (2 of 2)
golden parachute
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.”
notes for golden parachute
The term
golden handshake means essentially the same thing: “The principal accepted the golden handshake in lieu of being demoted to assistant principal.”
notes for golden parachute
Both expressions are from the last quarter of the twentieth century, when such packages were offered frequently.