The standard translation used for years in Italy which many clients still insist on is the "severance" translation. It is wrong, because "severance" implies "dismissal", a person who has been "fired/sacked" which is not the case at all. It is for all people. The "post employment benefit" translation is the correct term, now used, taken from the International accounting standards.
This is a "provision" a "liability" and not part of equity. Americans still tend to mix up "equity reserves" with "liability provisions", calling the latter "reserves" instead of "liabilities" but mostly they don't any more.