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.

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.

References in periodicals archive ?
One of the major problems with downsizing is that it is likely that a lay-off has severe effects on the survivors.
Another way to avoid lay-offs is to check your network of contacts to see if you can share the services of one of your employees with another firm.
Last night, no official announcement about the temporary lay-offs was made.
Last week Hyundai began distributing lay-off notices to 2,678 workers at its factory in the southeastern city of Ulsan.
Management at both plants said the lay-offs were due to declining international demand.
In addition, temporary lay-offs may affect all personnel of 230 at the unit during 2010.
Rumours of lay-offs had circulated early yesterday and then management were in discussions with unions, followed by a meeting with workers at lunchtime.
Confirming the lay-offs, a spokesman said 76 staff would be retained for upkeep and maintanance on the three ferries.
The lay-offs are part of a restructuring programme ordered by the government.
They insist there are no redundancy plans - but the lay-offs shocked industry experts.
NORDIC BUSINESS REPORT-6 October 2009-Raute mulls further temporary lay-offs in Finland(C)1994-2009 M2 COMMUNICATIONS http://www.m2.com
MORE than 30 safety workers walked out of Wylfa nuclear power station yesterday amid rumours of lay-offs.