lay-off


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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

lay-off

the termination of an employee's employment with an organization due to reduced demand for the goods or services produced by the organization. Lay-offs may be temporary, in which case employees will be re-employed when demand increases again, or permanent.

See REDUNDANCY.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
There are at least five steps which managers involved in the lay-off process can adopt which will lessen the dysfunctional effects of the lay-off.
If lay-offs are necessary, methods can be used to minimize the negative impact.
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The lay-offs would be effective from the end of this month, but workers may consider voluntary retirement.
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The full extent of the lay-offs is yet to be determined, TINE said.
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The meeting was held at the foundation's headquarters in Beirut and aimed at condemning the lay-offs at prominent Arabic newspaper An-Nahar and the Lebanese television station MTV.
THE Federation of Small Businesses (FSB) said it saw a dramatic rise in calls to its legal advice line on lay-offs and redundancies in the first two quarters of this year.
Workers at the plant were left reeling after they were sent letters warning them to expect temporary lay-offs in December, just hours after they were reassured their jobs were safe.
He writes that corporate layoffs received "a green light from Clinton," but he doesn't quite explain how a president could have given lay-offs a red or even yellow light (short of using the "bully pulpit" of the presidency and the incentives of awarding federal contracts to responsible employers, both of which Clinton sporadically tried to do).
Northwest has also said that it would accept voluntary lay-offs to reduce the number of employees involuntarily laid off.