What is the meaning of Layoff?

A dismissal of employees from their jobs because of tightened budgetary constraints or work shortage (not due to poor performance or misconduct).

A period of time when someone is unavailable for work.

A short pass that has been rolled in front of another player for them to kick.

A bet that is laid off, i.e. placed with another bookmaker in order to reduce risk.

Source: wiktionary.org