golden parachute cultural 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.”

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

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