Layoff
Part of speech: noun
Definition: A dismissal of employees from their jobs because of tightened budgetary constraints or work shortage (not due to poor performance or misconduct). In football, a ball that has been rolled in front of another player for them to kick.
Redundancy
Part of speech: noun
Definition: The state of being redundant; a superfluity; something redundant or excessive; a needless repetition in language; excessive wordiness.Duplication of components or circuits to provide survival of the total system in case of failure of single components.Duplication of parts of a message to guard against transmission errors.The state of being unemployed because one's job is no longer necessary; the dismissal of such an employee; a layoff.