*Payment offered to induce an employee to retire early
*A golden handshake is a generous sum of money given to a person
when they leave a company or retire
*A substantial severance payment to a departing employee, often as an incentive for early retirement.
With a dwindling school population, the town decided to offer golden handshakes to some of the teachers.
A close relative is golden parachute, a generous severance agreement for an executive in the event of sudden dismissal owing to a merger or similar circumstance.A golden parachute is a clause in an executive's employment
contract stating that the executive will receive certain large benefits
if their employment is terminated.