redundancy

Oxford Learners
(plural redundancies)
​[uncountable, countable, usually plural] (British English) the situation when somebody has to leave their job because there is no more work available for them
Thousands of factory workers are facing redundancy.
to accept/take voluntary redundancy (= to offer to leave your job)
the threat of compulsory redundancies
All members of staff are entitled to redundancy payments.
200 workers have been issued with redundancy notices.

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