From Longman Dictionary of Contemporary Englishpink slipˌpink ˈslip noun [countable] American English informal 1 an official document that proves that you own a particular car2 a written warning you get when your job is going to end because there is not enough work
Examples from the Corpus
pink slip• The result, as Dillard knows firsthand, is a pink slip for many missile employees.• For tomorrow the paycheck might turn to a pink slip.• During those terrible months after getting his pink slip, he filled out endless application forms.• Ron got his pink slip over twenty-five years ago.• He reported feeling surprised that his reaction to his pink slip had been more relief than anger.From Longman Business Dictionarypink slipˌpink ˈslip [countable] American English informalHUMAN RESOURCES a piece of paper given to a worker, officially telling them that they no longer have a jobAbout 700 employees will receive pink slips this week, with another 200 dismissals expected soon. → slip 