layoff
//ˈleɪ.ɒf//
Noun
layoffSingular
layoffsPlural
1
The act of dismissing employees from their jobs, typically due to economic reasons or company restructuring rather than poor performance.
The company announced layoffs affecting 500 workers due to the economic downturn.
2
A period during which a worker is temporarily dismissed or not employed.
During the layoff, he took the opportunity to learn new skills.