Lay off

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Related to Lay Offs: downsizing

Lay off

In the context of general equities, this eliminates all or part of a position by finding customers or other dealers to take the position.

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.
References in periodicals archive ?
Depending on how long the lay off lasts, an employee will have a number of options and these will include: * Claim a statutory guarantee payment * Claim constructive unfair dismissal * Claim compensation for breach of contract * Accept the lay off as a variation of the contract * Use the special procedure to claim Statutory Redundancy Payments * Claim social security benefits Q.
Company spokesman Mr Min Kyung-hwan said management would not back away from its plan to lay off redundant workers.
The management's right to lay off workers should be protected by the law," said Mr Min.
What the contract of employment says, if anything, about lay offs and also the custom and practice in the particular industry.
The lay offs are in addition to 48,000 blue-collar workers who were temporarily laid off until the middle of January.