what is calling a pink slip
DEFINITION of 'Pink Slip ' A pink slip refers to a notice of dismissal given to an employee. A pink slip is an official notification that the worker's position has been eliminated or that the worker's services are no longer required. In other words, a pink slip is an informal name for a termination notice. BREAKING DOWN 'Pink Slip ' A pink slip notifies an employee that he or she has been laid off or fired.