Layoff

Layoff - (noun)

Definition

This is the suspension or termination of employment by the employer. Layoffs are usually carried out when companies are suffering from financial difficulties. Workers are not laid off for disciplinary reasons. Permanent termination is referred to as a redundancy.

Extra

Source: Adapted from Business Dictionary
Example of Use: The company announced the layoff of several employees as a result of the downturn in the economy.