noun
farewell gift; parting present
A gift given to someone who is leaving on a journey, moving away, or retiring. Often money or a small present.
転勤する同僚に餞別を渡した。
I gave a farewell gift to a colleague who is transferring.
餞別として図書カードをいただきました。
I received a book gift card as a parting present.
餞 (はなむけ) is a more literary or poetic term for a farewell gift or send-off, while 餞別 (せんべつ) is the common, everyday word.
From 餞 (sen, 'farewell gift') + 別 (betsu, 'parting'). The exact historical derivation is uncertain, but the kanji compound directly conveys the meaning of a parting gift.