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From employment, e.g. at a time of low business volume, often with a severance package.

Additional definitions for 'lay off':

lay offTo place all or part of a bet with another bookmaker in order to reduce risk.
lay offAlone.
lay offmade redundant
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"lay off." Phrases.net. STANDS4 LLC, 2017. Web. 26 Apr. 2017. <http://www.phrases.net/phrase/lay-off>.

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