redundancy noun definition in Unemployment topic from the Oxford Advanced Learner's Dictionary

redundancy

 noun: Unemployment topic
[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 redundancy payments 200 workers have been issued with redundancy notices.

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