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Douglas Harper's Etymology Dictionary
layoff

also lay-off, lay off; 1889, "rest, respite;" from lay (v.) + off. Via seasonal labor with periodic down time, it came to have a sense of "temporary release from employment," and by 1960s was being used somewhat euphemistically for permanent releases of masses of workers by employers. The verbal phrase lay off is attested from 1868 as "dismiss" (an employee); meaning "stop disturbing" is from 1908.

Wiktionary
layoff

n. 1 (context chiefly US English) A dismissal of employees from their jobs because of tightened budgetary constraints or work shortage (not due to poor performance or misconduct). 2 A period of time when someone is unavailable for work.

WordNet
layoff

n. the act of laying off an employee or a work force

Wikipedia
Layoff

Layoff (in British and American English) or Retrenchment in South African English, is the temporary suspension or permanent termination of employment of an employee or (more commonly) a group of employees (collective layoff) for business reasons, such as when certain positions are no longer necessary or when a business slow-down occurs. In the UK, permanent termination due to elimination of a position is usually called redundancy (Redundancy: your rights, 2016).

Laidoff workers or displaced workers refers to workers who have lost or left their jobs because their employer has closed or moved, there was insufficient work for them to do, or their position or shift was abolished (Borbely, 2011).

Originally the term layoff referred exclusively to a temporary interruption in work, as when factory work cyclically falls off. In late 20th and early 21st century North America, layoff usually means the permanent elimination of a position, requiring the addition of "temporary" to specify the original meaning.

Many synonyms such as downsizing exist, most of which are euphemisms or doublespeak and more abstract descriptions of the process, most of which can also be used for more inclusive processes than that of reducing the number of employees. Downsizing in a company is defined to involve the reduction of employees in a workforce. Downsizing in companies was a popular practice during the 1980s and early 1990s as it was seen as a way to deliver better shareholder value as it helps to reduce costs (downsizing, 2015). Indeed, recent research on downsizing in the U.S., UK, and Japan suggests that downsizing is being regarded by management as one of the preferred routes to turning around declining organisations, cutting costs, and improving organisational performance, most often as a cost-cutting measure.

Usage examples of "layoff".

Roth held on without the Archdiocesan billings for seventeen months, though the layoffs began almost immediately.

Every one of them began practicing, to work out the kinks incurred during this latest layoff, and to experiment with new tricks and turns.

It listed closings and layoffs: a felt-skirt factory, a picture-frame factory, a glass-cutting establishment, a steelworks factory.

In the economic environment of the 1930s, layoffs and closures were quite common, and most employees were just thankful to be personally spared.

The board, without any prodding from anybody, had already declared that there would no longer be any seasonal layoffs, even in such a seasonal industry, and that there would be vacations with pay, and that medical care for workers and their dependents would be free, and that there would be sick pay and a retirement plan, and that the ultimate goal of the company was that, through a stock-bonus plan, it become the property of the workers.

SGI posted a loss of over $50 million, a major layoff was announced, and the longtime chief executive officer resigned.

The newspapers were full of stories of worker layoffs and farm foreclosures and bank failures, just as they are today.

He had actually broached the subject of layoffs, and in doing so provoked a nasty response from his boss.

The layoffs were the biggest disaster in the quiet history of Reedsburg.

With no current revenues, and none expected, immediate layoffs were unavoidable.

All over the country there were shutdowns and layoffs, but not in my father’s factories.

He said he would make every attempt to keep factories running but may soon be under the necessity, of either layoffs or part hours and wages.

Randy started out life like them, living off the Ford Plant like rats living off a garbage dump, but now Randy dressed better than a politician and had no fear of layoffs or the Service Department.

Years ago during one of his layoffs, there had been rumors of a foreman beaten up in an alley.

Shiro was a fifteen-year-old project that was due to expire soon, so more layoffs and terminations were coming.