pink slip

verb

To end the employment or service of: cashier, discharge, dismiss, drop, release, terminate. Informal ax, fire. Slang boot¹, bounce, can, sack¹. Idioms: give someone his or her walking papers, give someone the ax, give someone the gate, give someone the pink slip, let go, show someone the door. See keep/release.

The noun has one meaning:

Meaning #1: official notice that you have been fired from your job
  Synonyms: dismissal, dismission

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Pink slip may refer to:

• Pink slip (employment), an American term that refers to being fired or laid off from one's job
• Pink Sheets, a concept in stock trading
• Pink slip (auto), a vehicle title.

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