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Lay Off

To terminate employees because the company is not making sufficient profits to pay them or to sustainably keep them on staff. While a lay off could affect one employee, the term usually refers to a group of employees that are let go because of budget cuts, restructuring, or other, similar situations. If and when the company returns to its previous profitability, it may hire back those employees who were laid off. Often, the company offers a severance or other final compensation to laid off employees.


The allocation of unsold shares to syndicate members from a new issue rights offering by the managing underwriter.
References in periodicals archive ?
You lose your right to statutory redundancy pay if you unreasonably refuse suitable alternative employment offered by your employer.
You're not entitled to statutory redundancy pay if you fall into one or more of the following categories: merchant seamen, former registered dock workers (covered by other arrangements) or share fishermen; crown servants, members of the armed forces or police services; apprentices who are not employees at the end of their training; or a domestic servant who is a member of the employer's immediate family.
The Contractor shall contact then the employee over and takes care information to the employee regarding the terms and conditions that are required to be able to proceed to the (timely) payment of the redundancy pay.
Importantly, the changes to redundancy terms will be implemented in two phases so that those impacted in the next six months will still receive the current four weeks' redundancy pay for each year of service.
Catalogue of unfair treatment at work COMPLAINTS to Citizens Advice Scotland included a driver who said his boss tried to force him out to avoid redundancy pay.
Mr Bicknell, who had worked for the firm for 14 years, was seeking redundancy pay and notice and holiday money after complaining he had been made redundant.
I'M SURE all the police officers with 30 years' service who are being forced to retire without any redundancy pay will be delighted to read that Sion Simon, with just nine years' service as an MP, considers his resettlement payment of pounds 32,383 to be his well earned redundancy (Mail, April 8).
UNION bosses have hit out at a council's plans to slash redundancy pay.
Seven out of 10 did not know how much redundancy pay they were entitled to, while half mistakenly believed they would always have the right to a redundancy payment.
CIVIL servants will lobby MPs today in a row over cuts to their redundancy pay and ahead of a nationwide 48-hour strike next week.
On the eve of a key Commons stage of a Bill (Thursday 12th March) that would boost redundancy pay for three out of every four UK workers, unions are warning the government not to miss the chance to give a helping hand through rough times.
Victorian branch assistant secretary, Yvonne Chaperon, said staff had no choice but to work without pay or risk prosecution under WorkChoices and loss of redundancy pay, long service leave, superannuation and annual leave.

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