1. （通常指因工作岗位不足的）解雇，裁员，下岗
When there are layoffs in a company, workers are told by their employers to leave their job, usually because there is no more work for them in the company.

2. 休养；疗养；养伤
A layoff is a period of time in which people do not work or take part in their normal activities, often because they are resting or are injured.

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