What refers to employee benefits payable upon the termination of employment?

Termination benefits specifically refer to the compensation and benefits that an employee is entitled to receive upon the termination of their employment. This can include various forms of payment or benefits that are triggered by the employer ending the employment relationship, such as severance pay, continuation of healthcare benefits, or other forms of support designed to assist the employee during the transition out of the company.

Retirement benefits generally pertain to the plans or payments that are provided once an employee reaches retirement age or retires from their career, which is distinct from the situation of termination. Severance pay is often a component of termination benefits but does not encompass all possible payments or benefits associated with termination. Exit compensation is a more general term that can include aspects of severance but may not cover the full scope of benefits and entitlements that an employee might receive upon termination. Thus, termination benefits is the most comprehensive term that accurately captures the range of entitlements due to an employee when their employment is concluded.