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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.
Definition of give (someone) the pink slip. : to stop employing (someone) because there is not enough work : lay off âusually used as be given the pink slip Thousands of factory workers have been given the pink slip in recent months. Word by Word Definitions.