Labor
Severance Pay
Compensation paid to an employee upon termination of employment, typically calculated based on length of service and final salary.
Related terms
Annual Leave
Paid time off work granted to employees each year. EU law requires a minimum of 4 weeks paid leave per year for all workers.
Collective Bargaining Agreement
A written contract negotiated through collective bargaining between an employer and a trade union representing workers, covering wages, hours and working conditions.
Cross-Border Worker
A person who works in one EU member state while residing in another, commuting regularly across the border. Also known as a frontier worker.