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English definition of “retrenchment”

retrenchment

noun [C or U] uk   /rɪˈtrentʃ.mənt/ us  
a situation in which a government, etc. spends less or reduces costs Australian English a situation in which someone loses their job because their employer does not need them: The downturn in business has resulted in many retrenchments.
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(Definition of retrenchment from the Cambridge Advanced Learners Dictionary & Thesaurus © Cambridge University Press)
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