Let go is used when the company is having a tough time and needs to cut back on some of its spending. Fired is when an employee has broken his/her contract, had a horrible mistake, or done something to get expelled from his/her workplace.
you can put let go by the boss
dismissed, discharged, let go
She was let go in Feb of 2010
layed off, or let go.
She was politely let go.
Canned, given the pink slip, let go.
Fired Up!
He gets fired or let go for an undetermined time
Termination in employment means no longer employed i.e. Fired or let go.
Barabbas
"No fault", when you lose your job or get fired, means you were let go, not because you did something wrong or illegal. In other words, your actions did not cause your loss of your job.
A good term to use when you were let go from a job is you got fired... You can also call it a termination, a mutual separation or just say you left the company.