放假 (fàng jià) means 'to have a holiday' — it's the general word for when a school or workplace gives you time off, often for a fixed period like Spring Festival. Unlike 休假 (xiū jià, 'take vacation/leave'), which focuses on the act of taking leave, 放假 emphasizes the institution granting the break. It's a separable verb (离合词): you can insert words like 放三天假 'have three days off'.