Meaning & Definition of word "Layoff"
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Layoff
ˈleɪˌɔːf
noun:
- 1. A temporary or permanent termination of employment, often due to economic conditions or company restructuring.
- Example: After the company lost its major client, there were widespread layoffs in the sales department.
- 2. A period of time when someone is not working due to being laid off.
- Example: He spent several months looking for work after his layoff from the factory.
verb:
- 1. To dismiss or terminate someone's employment, usually for economic reasons.
- Example: The management decided to lay off several workers to cut costs.
Etymology
Derived from the verb 'to lay off', which means to stop work or discharge an employee, combining 'lay' and 'off'.
Common Phrases and Expressions
layoff notice:
A formal communication informing an employee that they are being laid off.
mass layoff:
A layoff that affects a large number of employees at once.
layoff benefits:
Compensation or assistance provided to employees who have been laid off.
Related Words
furlough:
A temporary leave of absence from work, often without pay.
termination:
The act of bringing something to an end; in the workplace, it refers to the end of someone's employment.
redundancy:
A situation in which an employee's position is no longer necessary or valuable.
Slang Meanings of layoff
Meaning: Getting the axe
Example Sentence: After the financial downturn, Jack got the axe and was laid off.
Meaning: Pink slip
Example Sentence: I wasn't surprised to receive a pink slip after the company downsized.