Peter is 67 years old and works for a retail firm,which is looking to cut staff.The company decides to encourage Peter to retire by offering him financial incentives.This is known as a golden parachute.

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A golden parachute is a financial incentive offered to employees, usually executives or top-level managers, to encourage them to retire or resign in the event of a change in the company's ownership or management. The incentive often includes a generous severance package, stock options, bonuses, and other benefits to help the employee transition into retirement. In this case, Peter is offered a financial incentive to retire, which can be considered a golden parachute.

Peter Is 67 Years Old and Works for a Retail