DEFINITION of 'Pink Slip '

An informal or slang term referring to a notice of dismissal given to an employee. A pink slip is an official notification that a worker's position has been eliminated or that the worker's services are no longer needed. In other words, a pink slip is a termination notice.

BREAKING DOWN 'Pink Slip '

A pink slip notifies an employee that he or she has been laid off or fired. The term can also be used as a verb, as in "I was pink-slipped today and no longer have a job." Pink slips can be handed out individually or en masse, as with large lay-offs and company closures.

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