layoff

noun

1. (US)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.

   “One of the muscles on the point of the shoulder was torn loose and it didn't need more than a glance to see that Mr. Hickey was in for a long lay-off. He wouldn't pitch again for quite a spell, if ever;”

   “But even the return of skipper Steven Gerrard from a six-week injury layoff could not inspire Liverpool”

   “After a ten-month layoff, during which extensive testing had taken place in conjunction with AEI, the 'Blue Trains' resumed full operation on October 2 1961, [...].”

   “At tech companies that spent recent years expanding paid parental leave, parents have felt the whiplash of mass layoffs in an especially visceral way.”

3. (British)A short pass that has been rolled in front of another player for them to kick.
4. A bet that is laid off, i.e. placed with another bookmaker in order to reduce risk.