Definition
A 'pink slip' is a notice of job termination, often implying a layoff or firing. The term gained popularity due to the color of the paper historically used for such notices. It's a direct indication that your employment has been terminated. Receiving a pink slip means you're out of a job. Unlike a resignation, where you choose to leave, a pink slip signifies involuntary departure. π¬ Itβs never a fun experience.