What is a golden handhake?
Gold Handshake is a sturdy severance pay, which is offered to managers and other high -ranking employees. The conditions of the gold submission of the Handshake are often included in the hiring contract and are considered to be insurance against sudden or involuntary termination of work. The employee can also be offered a golden handshake to encourage him to retire; This is common in systems such as schools where long -term employees make more money, and it may be more cost -effective to hire an entry level teacher.
The specifics of the golden handshake vary depending on the position. It usually includes a one -time amount of money and may also include stock options or securities, continuing insurance coverage or payment for pension accounts. Gold Handshake also usually includes several weeks full of reward, especially if the termination of employment suddenly, which allowed a former employee a chance to recover.Structuralization of the company. As a result, many require gold HA contractsNDSHAKs to ensure that they are compensated if their position suddenly evaporates or changes radically. The executives can also be obsolete through the regrouping of the department, or they can be released due to poor performance or other problems with the company. Most of the executives are aware that their job security is very low, especially if it has been introduced as high authority positions.
Gold Handshake can also be sweeteners for compulsory retirement. In industrial sectors where long -term retirement is, the cost -effective business decisions are almost used as a punishment. If the employee refuses to retire, the offer will be inserted and the employee can lose. Employees may also be asked to retire due to declining performance or age years of faithful service service.
in case ofE is a gold handshake part of the employment contract, it pays to read the conditions carefully and clarifies dubious conditions. Employees may want to ask whether golden handshakes will still be offered if companies, for example, liquidate or get bankruptcy. It is also important to ask about the conditions under which the package will not be offered. If it offers you a golden handshake to persuade you to retire, read the offer carefully and don't be afraid to negotiate; You may be able to get a better offer by being forward about your desires.