Cutback and Layoff

Cutback noun - A reduction in quantity or rate.

Layoff and cutback are semantically related In some cases you can use "Layoff" instead a noun "Cutback".

Layoff noun - The termination of the employment of an employee or a work force often temporarily.

Cutback and layoff are semantically related in dismissal from job or responsibility topic. Sometimes you can use "Cutback" instead a noun "Layoff".