GENERAL KNOWLEDGE

Detailed explanation-1: -Downsizing: Closely related to a layoff, a downsizing refers to the termination of multiple employees (often in a single cut) in order to cut down costs and increase the profits of the organisation. A downsizing refers to reducing the size of the workforce and is permanent in nature.

Detailed explanation-2: -Involuntary layoffs are when employees are laid off because the company has to reduce its workforce. Voluntary layoffs are when employees choose to leave the company because they have been offered a severance package.

Detailed explanation-3: -A layoff is an involuntary separation from work through no fault of employees, often initiated by the employer for economic reasons to cut costs. A layoff differs from a firing for cause such as unacceptable workplace behavior, which generally does not qualify the fired worker for unemployment insurance.

Detailed explanation-4: -A layoff is when an employer temporarily or permanently terminates the employment of a worker, usually due to financial reasons or a lack of work. Retrenchment is a form of layoffs, typically used in the context of a company downsizing or restructuring its operations.