Severance pay is given to employees upon what event?

Severance pay is typically provided to employees when their employment is terminated. This payment serves as financial assistance during the transition out of the company, helping to cushion the impact of job loss. It is often part of a company's policy or severance agreement that outlines the conditions under which the payments are made, such as the employee’s length of service, the reason for termination (like layoffs or redundancies), and any applicable legal requirements.

In contrast, promotions, annual evaluations, and salary negotiations are all events related to continued employment and do not involve the cessation of the employer-employee relationship. Promotion is a positive job enhancement, annual evaluations assess performance but do not end employment, and salary negotiations occur within the context of ongoing employment to adjust compensation rather than to sever ties with the employee.