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Discover Ludwig'the layoff' is a correct and usable term in written English
It can be used to refer to the situation in which a company terminates the employment of employees due to economic or financial concerns. Example: The recent layoff of 50 employees has caused panic within the organization.
Dictionary
the layoff
noun
A dismissal of employees from their jobs because of tightened budgetary constraints or work shortage (not due to poor performance or misconduct).
Exact(56)
But the layoff had been a shock.
"He got a little tired off the layoff.
Bankruptcy, with the layoff of thousands of workers.
Despite the layoff, Hessman hit 18 home runs with Buffalo.
The layoff notice was not a complete surprise.
Both Democratic and Republican legislators criticized the layoff plan.
I took the layoff and started playing golf".
Often, the layoff announcements are not quite what they seem.
The layoff did nothing to hinder his effectiveness.
But there are also advantages to the layoff.
At the same time, the layoff rate for blacks rose.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com