Sign in
Download Opera News App

 

 

Checkout what "golden handshake" and "golden handcuffs" means in employment contract.


Have you ever been given a handshake? If yes, I believe you didn't find it annoying having a handshake with someone. Well, have you ever considered a golden handshake? Doesn't it sound interesting and exciting? Why not consider golden handcuffs? I hope it didn't sound grievous or bad to you. To have a clear understanding of these terms, take your time to read and digest the article.

As sweet as it sounds, the golden handshake can also come with you quitting your job. A "golden handshake" is a huge sum of money given to you when you leave your job or to persuade you to leave your job. You may be compelled by your boss or company to quit your job. A golden handshake is a provision in an employment contract that states that if an employee loses their job, the employer will provide a substantial cash settlement. It is usually given to top executives who lose their jobs due to retirement, dismissal, or misfeasance.


A golden handshake is a good way to dismiss employees without hurting their feelings or the company's image. Only a few people are granted the honor of shaking a golden handshake, so it is a rare occurrence.The money you are given or paid is called your golden handshake. It comes with you leaving your source of income for a jack pot.


Then, if a golden handshake is money paid to leave or quit your job, what are golden handcuffs? A large sum of money and financial benefits are given in order to persuade you to continue working for a company or organization rather than leaving to work for another organization. When an organization delights in your services and pays you to keep working for them even when you choose to leave, the benefit/money paid is referred to as "golden handcuffs." Some personnel are very important to an organization due to the special field they occupied in the organization.

Employers present existing key personnel with golden handcuffs in such an organization. Employers may present existing kely personnel with golden handcuffs. An organization may use all possible means to keep those workers working for them by enticing them with luxurious offers or compensating them.




I hope you get the distinction between a golden handshake and golden handcuffs.

Content created and supplied by: Bolwhizhub (via Opera News )

COMMENTS

Load app to read more comments