Redundancy pay is a term used to describe the compensation provided to employees who have been laid off due to redundancy. There are several synonyms for this term, such as severance pay, termination pay, and compensation for loss of employment. Other related terms include redundancy package, golden handshake, and exit package. These terms all refer to the financial benefits provided to employees who have lost their job due to no fault of their own. Regardless of the terminology used, redundancy pay is an important component of employment law and ensures that workers are compensated fairly and justly when their job is terminated.