How Do I Create a Golden Handshake Policy for a Struggling Financial Company?

Understanding the Golden Handshake

So far, I know that 'A golden handshake' is a hefty severance package offered to senior executives and other high-ranking employees of an organization/company. I have been serving as an HR professional for nearly 7 years in a financial organization situated in Asia. The company has its own life cycle from the beginning until now. It has passed its best time and is now struggling for its own existence/sustainability. The management of this company has decided to downsize its human resources. They have asked me to prepare a 'golden handshake' scheme/policy for the company. While I have heard about this scheme, I have no idea how to finalize the scheme/policy. I am requesting guidance from seniors. Eagerly waiting for your responses.

Golden Handshake Scheme is Related to:

a. Public-Private Partnership / Private Investment in Public Enterprises

b. Sustainable Development / Inviting Foreign Companies

c. Scientific Collaboration / Establishing Joint Enterprises

d. Voluntary Retirement

Your case is an option on voluntary retirement.

A golden handshake is a clause in an executive employment contract that provides the executive with a significant severance package in the case that the executive loses his or her job through firing, restructuring, or even scheduled retirement. This can be in the form of cash, equity, and other benefits and is often accompanied by an accelerated vesting of stock options.