lay off (workers/staff) or lay (workers/staff) off
to reduce the number of workers
Six hundred workers at the automobile factory were recently laid off.
Over time, Dhirubhai diversified his business with the core specialisation being in petrochemicals and additional interests in telecommunications, information technology, energy, power, retail, textiles, infrastructure services, capital markets, and logistics. The company as a whole was described by the BBC as a business empire with an estimated annual turnover of $12bn, and an 85,000 strong workforce.