Layoff and Red-letter day

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

Red-letter day and layoff are semantically related. In some cases you can use "Red-letter day" instead a noun "Layoff".

Red-letter day noun - A memorably happy or noteworthy day (from the custom of marking holy days in red on church calendars).

Layoff and red-letter day are semantically related. Sometimes you can use "Layoff" instead a noun phrase "Red-letter day".