Definition of Voluntary termination:
Voluntary termination may refer to a variety of actions, but most commonly, it refers to an employee's decision to leave a job on their own accord. It differs from a layoff or a firing, in which the decision to end employment was made by the employer or another party, rather than the employee.
A termination of employment initiated by the employee or by mutual agreement with the employer in which a letter of resignation is submitted. In most cases of voluntary termination, employees will provide notice of their intent to resign to allow for a more orderly transition of responsibilities.
Voluntary termination can also be a reference to the voluntary cancellation of personal financial contracts, such as car leases or cell phone contracts, or the voluntary cancellation of institutional level contracts such as credit default swaps and interest rate swaps.
How to use Voluntary termination in a sentence?
- Choosing to end a contract early, such as with an Internet provider, is also referred to as a voluntary termination.
- Voluntary termination occurs when an employee makes the decision to leave a job or end a contract early.
- Voluntary termination is different from being fired, laid off, or downsized, as the decision is made by the employee, not the employer.
- Some firms downsizing ask for voluntary resignations in exchange for a better exit package, such as a bigger payout, health insurance, or other benefits.
Meaning of Voluntary termination & Voluntary termination Definition