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severance (n.)

early 15c., from Anglo-French, from Old French sevrance "separation, parting," from sevrer (see sever). Meaning "discharge from employment contract" is attested from 1941. Severance pay attested by 1942.

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Definitions of severance from WordNet

severance (n.)
a personal or social separation (as between opposing factions);
Synonyms: rupture / breach / break / rift / falling out
severance (n.)
the act of severing;
Synonyms: severing
From wordnet.princeton.edu