The best replacement for layoff is termination.

The best alternatives to layoff are rated as following:
★★★★★  termination
★★★★  fired
★★★  furlough
★★★  discharge
★★  lay off
★★  reduction in force
★  fire
★  firing
★  downsizing
★  laid off
★  retirement
★  quit
★  resignation
★  terminate
★  layoff
★  dismissal
★  retrenchment
★  resign
  pay cut
  rif
  redundancy
  permanent layoff
  demotion
  position elimination
  retire
  quitting
  job elimination
  early retirement
  involuntary termination
  wrongful termination
  temporary layoff

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Speaking about layoff, one probably shouldn't forget about severance.

Other search terms related to layoff and their ratings are:
★★★★★ severance
severance pay
You have in mind a companion for layoff and it is not yet here? Propose!



Google Trends

Scale is based on the average worldwide traffic of layoff in all years. Click on graph for more.
layoff
termination
fired