IPA: /ˈsɛvərəns/
KK: /ˈsɛvərəns/
The act of cutting off or separating something from something else, often used in the context of employment when someone is given money after leaving a job.
After ten years at the company, she received a severance package when she was laid off.
Severance is formed from "severare" (meaning to cut off) and the suffix "-ance" (indicating a state or condition). The word refers to the state of being cut off or separated from something.
Think of the act of 'cutting off' ('severare') to remember that 'severance' means the state of being separated.