retrenchment , n :
A curtailment or reduction. (specifically) An act of reducing expenses; economizing. (specifically) An act of terminating the employment of a worker or making an employee redundant, often to reduce expenses; a layoff. [...] (military, dated) A defensive work constructed within a fortification to make it more defensible by allowing defenders to retreat into and fight from it even after the enemy has taken the outer work. Today is celebrated as International Workers’ Day or Labour Day in many countries to recognize the achievements and contributions of workers.
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